New Zealand – Food price index for June: +1.4% m/m (vs. prior was +0.6% m/m) via ForexLive

For the y/y change:

• In the year to June 2014, food prices increased 1.2%
• Food prices are now at their highest level since they peaked in July 2011

From Statistics New Zealand:

• “Food prices in June were influenced by seasonally higher prices for fresh vegetables and higher meat prices”

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Food prices are a volatile component of the CPI. The Reserve Bank of New Zealand will certainly pay heed to this data, but it isn't a smoking gun locking in the next rate hike.

posted via ForexLive