Food Price Index m/m measures the rate of price change of a fixed basket of food products and services in the given month from the consumer perspective. The index allows measuring price changes of the same products at retail outlets, in the reported month compared to the previous one. If the size or quality of any of the basket goods or services changes, appropriate adjustments to index calculation are made. This eliminates the impact of such changes on the rate of price change reflected in the FPI.
A higher than expected reading is seen as positive for the New Zealand dollar quotes.