Friday, March 29, 2024

Butter price drops

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Butter prices dropped almost 5% in December, according to Statistics New Zealand.
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Tomatoes and nectarines were also cheaper, but avocado prices remain almost twice as expensive as they were a year ago.

After four monthly rises, butter prices dropped 4.9% in December to an average of $5.46 for the cheapest available 500g block.

the previous month butter had hit a record high of $5.74. Butter prices had been falling at international dairy auctions since October.

Total food prices were down 0.8% in December, as all store-bought food groups fell during the month. Grocery food and seasonally cheaper fruit and vegetables were the main factors in the dip in food costs.

Chocolate bars and wholemeal bread drove the 1.3% fall in grocery food prices.

“Specials on grocery items drove food prices down this month, but the higher prices for dairy, fruit, and vegetables throughout the year meant consumers were still facing 2.3% higher food prices than last December,” prices manager Matthew Haigh said.

Fruit and vegetable prices fell 1.7% this month, led by seasonally lower prices for tomatoes and nectarines. Despite the monthly fall, fruit and vegetable prices are still 4.5% higher than this time last year, due to a 231% increase in pumpkin prices, and an 88% increase in avocados.

Although food items generally go up in price over time, breads and cereals are continuing a downward trend that began in early 2013, with prices falling 1.1% each year. A 700g loaf of grain bread had an average price of $3.10 in December 2017, compared with $3.75 in January 2013.

“Global wheat prices have been declining since late 2012, and from 2014 we saw a number of retailers holding their prices for cheapest available white bread fixed at $1,” Haigh said.

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