New Zealand food prices fall 0.2pc in November

WELLINGTON: New Zealand food prices slipped in November due to cheaper prices for meat, fruit and vegetables, official data showed on Thursday, but higher prices on an annual basis were in line with a gradual pick-up in overall inflation in the country.

The food price index was 0.2 percent lower on the month, but the index was 1.4 percent higher from the same period last year, Statistics NZ said.

Many economists expect higher price risks will prompt the Reserve Bank of New Zealand to raise interest rates next year.

Food prices make up nearly 19 percent of the consumer price index.