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Banana price goes bananas

NZ Newswire logoNZ Newswire 12/09/2016

Bananas © LEONHARD FOEGER/REUTERS Bananas 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 per cent August, record-keepers say.

Prices jumped 22 per cent 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 per cent, limiting the seasonally adjusted rise in fruit prices to 3.2 per cent.

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

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

Overall food prices increased 0.5 per cent in the year to August.

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