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Food price inflation slows in February, still at 8.8% from a year ago
Food prices in February increased by 0.2% from January, and were up 8.8% from February last year, figures released by Statistics New Zealand (Stats NZ) show. This was after a 0.8% monthly growth in January and 9.5% in the January year. Year on year food price inflation had been running at over 9% since August 2008.
The latest figures come after the Reserve Bank of New Zealand announced it thought inflation would drop under 1% by the September quarter of 2009 before rising to the middle of its 1%-3% target band over the next few years.
The 'fruit and vegetable' group was the only group to record a decrease in prices since January, down 2.6%, Stats NZ said. However, prices were still up 12.1% from February last year.
The 'grocery food' group rose 0.3% from January and 9.1% from February 2008, and the 'non-alcoholic beverages' group rose by 1.7% over the month and 6.2% over the year. The 'restaurant meals and ready-to-eat' group experienced price increases of 0.5% and 6.1%.
The yearly price growth of all food categories in February was down from January, except for the 'restaurant meals and ready-to-eat' group which was up from 6%.
The biggest single increase from January was in yoghurt prices, up 3.6%, with the biggest decrease being in pastry-cook products, down 4.4%. From February 2008, the biggest increase was 23.9% in 'other cereal products' (doesn't include breakfast cereals). The smallest increase was 0.9% in fresh milk prices.
My after tax 3.0 percent
My after tax 3.0 percent deposit interest will just about cover it. Not.
Opps, forgot that I cannot afford the ACC related new car user charges.
Have bus fares risen?
Forget the yoghurt, it's the
Forget the yoghurt, it's the 'alcoholic beverages group' I'm interested in, Alex! ( I'll probably need a brown paper bag for the bus, though....)
Yes Janet, I think a
Yes Janet, I think a few of us are too, especially after this busy day.
Alcohol isn't included in this food price index, neither are cigarettes ;)
I'm told though that in Germany they do consider beer as food (for statistical purposes) and one would assume that Guinness would have to be included under 'meal' rather than 'drink'.
Alex
Alex "Germany they do consider
Alex
"Germany they do consider beer as food (for statistical purposes)"
Well when you see it in vending machines in factories, yes it is part of their staple diet (in Bavaria and Baden-Wurttemburg especially), Unfortunately we were not allowed cameras in the Porsche factory or I would have taken a photo
Are you going to the beer-festival? we could set up a 'www.interest.co.nz blog table'
I'll be the one drinking beer
Neven
Neven So that's why Porsche
Neven
So that's why Porsche cars look so different...
I'll see what I can do. Have got final show of the season (for a musical) on Sat night. It might depend on what time Jordan Luck plays, but I imagine he'll be in the evening.
Often a good plan to drink beer at a beer festival, have a good time.
Alex