12 Dec 2009

Food prices fall for fourth consecutive month

6:26 am on 12 December 2009

Food prices have fallen for the fourth consecutive month, and the annual rate of increase now stands at 0.9% - the lowest in more than four years.

Statistics New Zealand says the index fell 0.3% in November - the fourth consecutive monthly decline. It is also the first time in more than five years that food prices have fallen for four months in a row.

Price increases were recorded in four groups during the year: non-alcoholic beverages (up about 7%), restaurant meals and ready-to-eat food (3%), grocery food (1.5%) and meat, poultry and fish (1%).

The average price of fruit and vegetables dropped by 7.6% over the year.