New Zealand Food Prices Plummet In October

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Food prices in New Zealand decreased 1.5 percent in October, the largest amount in three-and-a-half years.

Statistics NZ reported Wednesday that the October decline followed falls of 0.9 percent in August and 0.7 percent in September.

The agency said all five of the food sub-groups posted declines in October, with the largest coming from fruit and vegetables, which was down 4.6 percent. The Meat, Poultry & Fish category was down 3.2 percent.

For the year to October 2009, food prices were higher by 2.0 percent. Statistics NZ said the full-year rise was the smallest since a 1.8 percent increase in the year to May 2006.

Food prices remain 12.1 percent higher than their level of two years ago, Statistics NZ noted.

(Market News Provided by RTTNews)