According to the UBS Food & Beverage price tracker, which released its first report in October, the prices of dairy, meat, vegetables, and fruit increased by 9 percent during the year.

The pricing monitor is focused on the prices of various food products in Australia. It measures weekly changes in these categories.

UBS said that the prices of dairy-based products have increased significantly. He noted that the rise in farmgate milk prices has also led to higher meat prices.

Although the prices of various food products increased by 9 percent in October, they fell by 2 percent compared to September.

In October, the prices of fresh produce were up 35 percent since July. Among the main factors that contributed to this increase were mushrooms, which gained 4 percent, and tomatoes, which were up 10 percent. However, according to data from UBS, citrus prices were only up by 1 percent.

These prices have impacted stores such as Maggie Beer. However you can still save on  your purchase at Maggie Beer by use a Maggie Beer coupon here.

In October, the prices of key dairy products such as cheese and butter increased by 21 percent and 13 percent, respectively. On the other hand, meat prices were up 18 percent.

Many companies have had to increase their prices due to the high costs of raw materials.

Despite the various bottlenecks in the logistics industry, the export prices of dairy products have started to fall. This suggests that the farmgate milk prices may be lower in 2024.

The year to date of Costa Group has been mixed. During a recent conference held by UBS Costa said that the company would focus on improving its returns from citrus in 2023.

Some of the company’s takeouts during the conference included positive outlooks for the upcoming China berry season and the easing supply chain constraints. Costa is also monitoring the impact of COVID lockdowns on the country’s avocado business.

At its annual meeting, Inghams, a chicken producer, provided a positive trading update. The company noted that its earnings recovery has continued into the new year following the COVID-19 pandemic in 2022. The company’s earnings recovery has been largely attributed to the normalisation of its operations and the implementation of price increases.

According to Retail NZ, despite the big recovery in the economy over the past few months, 10,000 retailers are predicted to come close to going out of business over the next year. Despite recording zero locally transmitted cases of Coronavirus over the last few months, a few recent cases has shocked retail and has caused a drop in consumer confidence.

Surveys done by Retail NZ has shown that retailers have had a big drop in confidence, with thousands deeming themselves at high risk of going out of business in the next twelve months. To break this down further, 13% of retailers are not confident that hey will survive the next twelve months. 23 per cent of businesses responded that their business was on a knife-edge meaning that they could either recover or go out of business over the next twelve months.

On a brighter note, 64% of retailers that responded to the survey said that they are confident or very confident that they will still be in business in the next twelve months. This is however, a drop from the strong results of 74% that was recorded last month.

Retailers have suffered hugely with the lockdowns and a big factor that have kept them in business is the governments wage subsidy program. This subsidy has helped retailers keep their employees during this time.

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The Covid 19 epidemic has had a big effect on the New Zealand and worldwide economy with many businesses struggling to survive with an economy that does not have the confidence to continue spending. There has been a huge amount of job losses world wide and recovery seems to be stalled and dependent on the development of a vaccine.

In New Zealand the retail sector is experiencing a divided experience with some retailers going strong and others not faring as well.  The two speed retail sector in New Zealand is expected to shed at least 6000 jobs over the next few months as reported by Retail NZ.

Retail NZ conducted a survey of retailers and 57% of them responded that they were experiencing better business during June 2020 than they did during June 2019. Unfortunately 28% of retailers reported that they were actually doing worse than they were during the same time the previous year.

When looking at the percentage of improvement, businesses that performed better than last year recorded and increase of 15.8% and for those on the other side of the spectrum, business dropped 17.6%. Unfortunately for analysts, it has not been a clear

Online stores have been faring well. Stores like Hallenstein Brothers have had a strong online sales boost whilst people were in lockdown. Use a Hallensteins promo code for your purchase.