Annual food inflation in New Zealand has picked up to 1.3% in November from 1.2% in October, data by Statistics New Zealand showed.It has pointed to the fastest increase in food prices since February.
New Zealand food inflation rises to 9-month high
Annual food inflation in New Zealand has picked up to 1.3% in November from 1.2% in October, data by Statistics New Zealand showed.
It has pointed to the fastest increase in food prices since February.
The acceleration was mostly driven by higher cost of non-alcoholic beverages (up 4.4% YoY), restaurant meals and ready-to-eat food (up 3.3% YoY) and grocery food (up 2.5% YoY).
In monthly terms, New Zealand food prices edged down 0.1% in November, after a 0.9% decrease in October. The drop was primarily driven by lower prices of vegetables (-7.9% month-on-month).
The New Zealand Dollar was 0.52% firmer on the day against its US counterpart, with the NZD/USD currency pair last trading at 0.5782.
Kiwi traders are now expecting the release of the semi-annual fiscal update on Tuesday, followed by the GDP growth data for Q3 on Thursday.
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