12 Nov 2009

Food prices drop in October

6:51 am on 12 November 2009

Food prices have fallen for the third month in a row, but are still 2% higher than what they were a year ago.

Prices fell 1.5% in October, the largest fall in three-and-a-half years,Statistics New Zealand figures show.

The decline was largely driven by fruit and vegetable prices, which fell 4.6% and meat, poultry, and fish which were down 3.2%.

Over the year to October, food prices rose 2%, the smallest annual increase in three-and-a-half years.

Prices are still 12% higher than they were two years ago.