Butter prices fell 10 percent in February 2019 to a 19-month low, New Zealand’s statistic department Stats NZ said on Wednesday.
The average price for a 500g block of butter fell to 5.2 NZ dollars (3.56 U.S. dollars) in February 2019, down from a record high of 5.79 NZ dollars in January 2019, Stats NZ said.
“In January we saw milk prices fall to a 19-month low. This price fall now looks to be flowing on to other dairy products,” consumer prices manager Gael Price said in a statement.
In February, prices fell for cheese, yoghurt and milk, Price said, adding that global dairy trade auction prices fell between June and November 2018. These were reflected in lower dairy export prices in the December 2018 quarter.
“The lower international prices appear to have been passed on to New Zealand consumers, with the usual lag of a few months,” Price said.
Despite cheaper dairy products, overall food prices rose 0.4 percent in February 2019, mainly due to higher prices for soft drinks, waters, and juices, statistics showed.