Wellington, New Zealand (4E) – The food price index in New Zealand dropped 0.7 percent in July from the previous month, according to Statistics New Zealand report released Wednesday.
The level missed analysts’ forecasts for a gain of 0.7 percent and significantly lower compared with the 1.4 percent increase in June. In May, prices climbed 0.6 percent.
Wednesday’s report also showed that the index was down 0.1 percent from a year ago.
The 2.2 percent drop in prices of fish, poultry and meat reflected easing beef prices, which slid 4.4 percent after posting its highest mark in June this year.
Prices of grocery food were lower by 0.7 percent, driven by the 4.3 drop in the cost of food additives and condiments.
Meanwhile, food prices fell 0.1 percent in July on a yearly basis after gaining 1.2 percent in the earlier month.
The headline index measures the rate of change in the prices of food and food services bought by households. Statistics New Zealand gather prices for the index and check packaged goods sizes across various shops in New Zealand.