Food prices fall in February, steaks down 17pc
12:15 PM Thursday Mar 11, 2010

New Zealand food prices fell by 1.3 per cent in February on the back of falls in fruit and vegetable costs, as well as lowered meat, poultry and fish prices.

Additionally, Statistics New Zealand's food price index measured a February year on year increase of 0.7 per cent, the lowest annual increase since a 0.4 per cent gain for the year to April 2005. However, over a two-year timeframe, food prices are 9.6 per cent higher.

UBS New Zealand economist Robin Clements said that solely looking at monthly food price movements can be misleading, as factors such as weather and sale specials can add a strong degree of volatility to their costs.

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