WILLINGTON: New Zealand food prices fell in February, led by seasonal declines in fruit and vegetables and lower meat prices.
The food price index slipped 0.7 per cent in February after a 1.3 per cent gain in January, according to Statistics New Zealand. Prices gained 1.5 per cent from February 2014, again led by fruit, vegetables and meat.
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Prices for fruit and vegetables fell 2.4 per cent in February, as declines in apples and tomatoes offset higher strawberry prices.
Apple prices fell 23 per cent from a peak in January, when they rose to their highest level on record as adverse weather resulted in a smaller, later crop. Meat prices declined 1.6 per cent, led by falls in lamb, beef and chicken.
Movements in food prices are closely watched by economists, as they make up 19 per cent of the broader consumers price index, the nation’s key inflation measure.
