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Food prices rose 1.3 percent in August 2016, partly influenced by record high banana prices, Statistics New Zealand said today.
Banana prices spiked 22 percent from July, to $3.51 per kilo. The previous peak was $3.23, in March this year.
"Banana prices were at their highest since the series began in 1949, reflecting a supply shortage from Ecuador. Over the last three years, Ecuador has overtaken the Philippines as the main supplier of bananas to New Zealand," consumer prices manager Matt Haigh said today. "Kiwi households spend an average of $88 a year on bananas, making them the most popular fruit."
Seasonally adjusted fruit prices rose 3.2 percent, as the rise in banana prices was partly offset by lower prices for avocados (down 25 percent).