The New Zealand Food Price Index continues to run at record high levels in spite of a slight decline during the month of August. Absorbing declines in tomato and banana prices, it is fresh produce that leads the index’s inflationary trend, with the sector currently 13.2 percent higher than for the same 12 months at August 2010.
Meanwhile the group that is often the focus of claims of high food prices – meat, poultry and fish – contributed the lowest rise to the index, just five percent higher than the August 2010 year; processed food products making up grocery (up six percent) and non-alcoholic beverages (up 6.6 percent) also made a significant contribution. The index to the end of August 2011 was up 6.6 percent higher than 12 months earlier.
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