Tuesday, July 15, 2008

NZ food prices up 8.2 percent in June year

Soaring food and petrol prices pushed annual inflation up to 4 percent in the June year, after the Consumer Price Index (CPI) leapt a higher-than-expected 1.6 percent in the June quarter, Statistics New Zealand said today.

The department reported that food prices rose 8.2 percent in the June year – the highest rise in the Food Price Index (FPI) for 18 years.

The annual inflation rate rose from 3.4 percent in the March year, and has now been outside the Reserve Bank's 1-3 percent target band for three quarters.

Yesterday, figures released by Statistics New Zealand showed that total retail sales fell by a seasonally adjusted 1.2 percent in May, or by $69 million. It was the biggest monthly decline since February 2004, and was led by lower auto and furniture sales.

In the past month or so, my sales of secondhand books on the internet have slowed. This week, I sold only one book.

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