New Zealand petrol, diesel prices down in May after two-month rise

Alsharq Tribune-Otaify 

New Zealand's petrol and diesel prices fell in May after rising in the previous two months, while food costs continued to edge higher, official data showed on Tuesday.

Petrol prices dropped 3.8 percent in May from April, while diesel prices went down 11.4 percent. The declines followed increases in March and April, Stats NZ prices and deflators spokesperson Nicola Growden said.

Despite the monthly fall, fuel prices remain significantly higher than a year earlier, with petrol up 28.7 percent and diesel surging 76.8 percent over the 12 months to May, data showed.

Airfares also decreased in May, with domestic fares down 11.4 percent and international fares falling 5.5 percent "in line with historical trends for the month," Growden said, adding that annually, however, domestic airfares rose 2.8 percent and international fares increased 8.2 percent.

Food prices rose 1 percent month-on-month, driven primarily by higher grocery, fruits and vegetables. Higher prices for standard two-liter milk were the largest contributor, alongside increases in lamb legs, capsicums and butter, statistics showed.

Annual food prices climbed 3.2 percent in the 12 months to May, with meat, poultry and fish leading gains, followed by restaurant meals and ready-to-eat food, according to Stats NZ.