Banana prices on an upward curve

  • 13/09/2016
Households now spend an average of $88 a year on bananas, Stats NZ says (File)
Households now spend an average of $88 a year on bananas, Stats NZ says (File)

Bananas are on an upward curve - hitting their highest prices since records began 67 years ago and helping lift overall food prices by 1.3 percent in August, record-keepers say.

Prices jumped 22 percent from July to $3.51 a kilo, up on the previous record of $3.23 in March, Statistics New Zealand said on Tuesday.

"Banana prices were at their highest since the series began in 1949, reflecting a supply shortage from Ecuador," said consumer prices manager Matt Haigh.

Ecuador has overtaken the Philippines as the source of New Zealand's most popular fruit.

Households now spend an average of $88 a year on bananas.

Avocados, which this year have hit the headlines for their high prices, were down 25 percent, limiting the seasonally adjusted rise in fruit prices to 3.2 percent.

Seasonally adjusted vegetable prices rose 2.1 percent - with tomato prices up 41 percent and cabbages 57 percent.

Prices for grocery foods rose 0.7 percent with snack foods, cheese, and confectionery products up but chicken prices down.

Overall food prices increased 0.5 percent in the year to August.

NZN

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