New Zealand food prices declined in November as the Covid-19 restrictions reduced exports, Stats NZ said Friday.
Food prices fell 0.9 percent month-on-month in November, bigger than the 0.7 percent drop posted in October.
Rising air freight costs since the coronavirus border closures has made exporting products much more expensive. Moreover, shortage of international workers in the fruit picking industry has meant that growers cannot pick their fields fast enough, data revealed.
"With less exports there is more supply available for domestic consumption, causing lower prices," consumer prices manager Katrina Dewbery said.
"Prices are lower than we typically see for a November month with December generally being when they are cheapest. Some people may be seeing even cheaper prices during the first half of December," Dewbery said.
Despite a sharp 43 percent decrease in strawberry prices, fruit prices advanced 5.2 percent, while vegetable prices dropped 9.9 percent.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2168713/
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