Latest news with #StatsNewZealand
Malaysian Reserve
5 days ago
- Business
- Malaysian Reserve
Dairy giant New Zealand endures butter price shock
WELLINGTON – Butter prices have soared in dairy export giant New Zealand, latest figures showed Thursday, with local supplies cut short as the industry chases fatter profits overseas. The dairy price shock spreads as far as cheese and milk, leading one economist to suggest locals face the grim prospect of cereal without milk if they want to save money. Butter prices leapt 46.5 percent in the year to June to an average of NZ$8.60 (US$5.09) for a 500-gram (1.1-pound) block, according to official data from Stats New Zealand. Milk prices surged 14.3 percent over the same period, while cheese shot up 30 percent. High dairy prices have hit the headlines in New Zealand, with media outlet Stuff reporting that 'exorbitant' prices are unlikely to 'melt away' any time soon. Wholesale and retail store Costco restricted butter sales to a maximum of 30 blocks per customer in June, but still sold out, according to the New Zealand Herald. The prices are hurting consumers, said independent economist Brad Olsen, chief executive of Infometrics. 'At the moment, I'm going with any other alternative I can find,' Olsen said of butter prices. 'I'd also say, the cheap option for breakfast at the moment seems to be to try cereal without the milk.' The phenomenon was driven by international prices and demand, Olsen said. Butter supplies had failed to keep up with rising demand over the past two years, he said. 'New Zealand exports the vast majority of our dairy products. So if you're a company that's exporting butter, you've got to make a decision. Do you sell it at the international price overseas, or do you sell it cheaper in New Zealand?' the economist said. 'No business is going to sell it cheaper… if they can get a better price overseas.' But while New Zealand consumers were feeling the price pinch, the overall economy was benefiting as exporters creamed off larger profits from sales overseas. 'The sort of returns that our farmers and the primary sector more broadly are getting, and the economic benefit that brings, is actually far more substantial,' Olsen said. 'It's an extra NZ$4.6 billion (US$2.7 billion) that has been flowing into the economy from the higher dairy payout. That's a significant boost.' New Zealand butter lovers are actually faring better than some, he said, adding they still pay 46 percent less than Americans. –AFP
France 24
5 days ago
- Business
- France 24
Dairy giant New Zealand endures butter price shock
The dairy price shock spreads as far as cheese and milk, leading one economist to suggest locals face the grim prospect of cereal without milk if they want to save money. Butter prices leapt 46.5 percent in the year to June to an average of NZ$8.60 (US$5.09) for a 500-gram (1.1-pound) block, according to official data from Stats New Zealand. Milk prices surged 14.3 percent over the same period, while cheese shot up 30 percent. High dairy prices have hit the headlines in New Zealand, with media outlet Stuff reporting that "exorbitant" prices are unlikely to "melt away" any time soon. Wholesale and retail store Costco restricted butter sales to a maximum of 30 blocks per customer in June, but still sold out, according to the New Zealand Herald. The prices are hurting consumers, said independent economist Brad Olsen, chief executive of Infometrics. "At the moment, I'm going with any other alternative I can find," Olsen said of butter prices. "I'd also say, the cheap option for breakfast at the moment seems to be to try cereal without the milk." The phenomenon was driven by international prices and demand, Olsen said. Creaming off profits Butter supplies had failed to keep up with rising demand over the past two years, he said. "New Zealand exports the vast majority of our dairy products. So if you're a company that's exporting butter, you've got to make a decision. Do you sell it at the international price overseas, or do you sell it cheaper in New Zealand?" the economist said. "No business is going to sell it cheaper... if they can get a better price overseas." But while New Zealand consumers were feeling the price pinch, the overall economy was benefiting as exporters creamed off larger profits from sales overseas. "The sort of returns that our farmers and the primary sector more broadly are getting, and the economic benefit that brings, is actually far more substantial," Olsen said. "It's an extra NZ$4.6 billion (US$2.7 billion) that has been flowing into the economy from the higher dairy payout. That's a significant boost." New Zealand butter lovers are actually faring better than some, he said, adding they still pay 46 percent less than Americans.
Int'l Business Times
5 days ago
- Business
- Int'l Business Times
Dairy Giant New Zealand Endures Butter Price Shock
Butter prices have soared in dairy export giant New Zealand, latest figures showed Thursday, with local supplies cut short as the industry chases fatter profits overseas. The dairy price shock spreads as far as cheese and milk, leading one economist to suggest locals face the grim prospect of cereal without milk if they want to save money. Butter prices leapt 46.5 percent in the year to June to an average of NZ$8.60 (US$5.09) for a 500-gram (1.1-pound) block, according to official data from Stats New Zealand. Milk prices surged 14.3 percent over the same period, while cheese shot up 30 percent. High dairy prices have hit the headlines in New Zealand, with media outlet Stuff reporting that "exorbitant" prices are unlikely to "melt away" any time soon. Wholesale and retail store Costco restricted butter sales to a maximum of 30 blocks per customer in June, but still sold out, according to the New Zealand Herald. The prices are hurting consumers, said independent economist Brad Olsen, chief executive of Infometrics. "At the moment, I'm going with any other alternative I can find," Olsen said of butter prices. "I'd also say, the cheap option for breakfast at the moment seems to be to try cereal without the milk." The phenomenon was driven by international prices and demand, Olsen said. Butter supplies had failed to keep up with rising demand over the past two years, he said. "New Zealand exports the vast majority of our dairy products. So if you're a company that's exporting butter, you've got to make a decision. Do you sell it at the international price overseas, or do you sell it cheaper in New Zealand?" the economist said. "No business is going to sell it cheaper... if they can get a better price overseas." But while New Zealand consumers were feeling the price pinch, the overall economy was benefiting as exporters creamed off larger profits from sales overseas. "The sort of returns that our farmers and the primary sector more broadly are getting, and the economic benefit that brings, is actually far more substantial," Olsen said. "It's an extra NZ$4.6 billion (US$2.7 billion) that has been flowing into the economy from the higher dairy payout. That's a significant boost." New Zealand butter lovers are actually faring better than some, he said, adding they still pay 46 percent less than Americans. While New Zealand consumers are feeling the dairy price pinch, the overall economy is benefiting as exporters cream off larger profits from sales overseas. AFP
1News
14-06-2025
- Business
- 1News
Moving south: Why North Islanders are upping sticks in droves
The South Island is attracting a growing number of internal migrants, with new figures revealing more than 85,000 Kiwis have relocated there from the North Island in five years. Between 2018 and 2023, 85,575 people made the move south, 30,000 more than those heading north, according to Stats New Zealand. Auckland alone saw a net migration loss of 50,000 people over five years. Canterbury and Otago had the highest number of people living in the region that had moved between the two islands since the 2018 Census. Stats NZ 2023 Census spokesperson Rosemary Goodyear said housing affordability and study opportunities were likely to be "strong factors" for drawing people south. ADVERTISEMENT "House prices are typically lower in Canterbury than in much of the North Island. "Students may be moving to study at universities – 15 to 29-year-olds made up one-third of people that moved to Canterbury from the North Island between 2018 and 2023, and half of those who moved to Otago from the North Island." Minister for the South Island James Meager. (Source: Getty) Christchurch has the lowest average rents and house prices among New Zealand's three major cities. South Island Minister James Meager said there was "massive growth" in housing developments across Te Waipounamu, including in Lincoln, Rolleston, and in central Otago. "I spent the last two days in Queenstown, and that is going absolutely bananas." He said so many people wanted to move down for the environment, the scenery, and work opportunities. ADVERTISEMENT "If you want to come from the North Island and bring your direct foreign investment south, we are welcoming you with open arms." Youth migration is being driven by Christchurch's revitalisation following the earthquakes with a record-high enrolment at the University of Canterbury of 25,000 students. The city's population of those aged 15-24 has increased by 6%, bucking the national trend. The revitalisation of Christchurch after the earthquakes has been a major reason for increased internal migration. (Source: 1News) "Christchurch has essentially been rebuilt after the earthquake, so you've got new, attractive housing and buildings," said Canterbury University Student Association president Luc MacKay. "People consistently tell me they really enjoy coming here because it's fresh." The West Coast mining sector has added 1200 jobs, while manufacturing and future-focused sectors were expanding too in Canterbury ADVERTISEMENT ChristchurchNZ chief executive Ali Adams said incredible jobs were being created and advertised in the Garden City daily. "This is particularly in some of our future focus sectors like aerospace and clean tech and also in the health tech industries." The island's famed beauty, from snow-capped mountains to glacial lakes, was also a big drawcard for North Island expats. Milford Sound. (Source: Claire Turnbull, who moved from Auckland to Queenstown, said the shift was about improving family life. "We just wanted to simplify life. So, we downsized and made the move," she said. "It comes down to quality of life. If you can make it work living in a smaller place, and your pace of life is a bit slower, that can feel a lot better."
