Food prices fall 2pc - biggest annual decline in 50 years
11:00 AM Tuesday Jul 13, 2010 Facebook

The 2pc fall in food prices is the biggest annual decline since 1957, says Statistics NZ. Photo / Martin SykesFood prices took a record tumble in the year to June, driven by a decrease in the cost of fruit, vegetables, meat, poultry and fish.

Statistics New Zealand said the 2 per cent fall was the largest annual decrease in food prices since 1957 and followed a 17 per cent rise in the cost of food for the two years to July 2009.

Fruit and vegetables were down 9.2 per cent, meat, poultry and fish was down 3.9 per cent, and grocery food was down 1.4 per cent.

It is the first time the grocery food subgroup has fallen since August 2004, SNZ said.

The most significant falls for individual items were recorded for lettuce (down 29.7 per cent), fresh chicken (down 13.5 per cent), and potato crisps (down 10.8 per cent).

At the same time the cost of buying a soft drink rose 4.7 per cent while fresh milk was up 4.4 per cent, during the year.

More here.