Pace of Rise in New Zealand Food Supermarkets' Supplier Costs in June Little Changed, Infometrics Says

The pace of increases for supplier costs for food supermarkets in New Zealand was little changed in June, Infometrics said in a Monday report.

The Infometrics-Foodstuffs New Zealand Grocery Supplier Cost Index showed an average increase of 2.1% from a year earlier.

"[June saw] the fifth highest number of monthly cost changes since 2018, across a variety of products," said Brad Olsen, Infometrics chief executive and principal economist. "As had been expected, a large number of cost adjustments stemming from conflict in the Middle East have finally landed."

Over 6,900 products increased in cost in June month over month from May, with around half directly attributable to fuel adjustments, Olsen said.

"Larger increases for a number of fruits, fish fillet and shellfish, and fries, hashbrowns, as well as berries saw larger average increases across produce, seafood, and frozen departments, respectively," Olsen added.

The majority of the cost increases in June were of a small-to-medium magnitude, with around 6,500 being increases of 0% to 20%.

Federal Reserve Watch for July 10: Fed Policy Report Says FOMC Focused on Price Stability Ahead of Warsh Testimony

The Federal Reserve's semiannual policy report to Congress repeated comments from Fed officials that the FOMC will "deliver price stability," but markets will more focused on Fed Chairman Kevin Warsh's first testimony as chair on July 14 and 15.Warsh's first day of testifying will coincide with the release of consumer price data for June.Recent comments of note:(July 9) New York Fed President John Williams (voter) said that he expects energy prices to slow this year even as tensions in the Middle East have picked up but would not comment on how the FOMC could act at its next meeting at the end of the month.(July 8) Minutes of the June 16-17 FOMC minutes showed considerable divisions among the participants regarding the path of monetary policy, most hinging on evolution of inflation. Many participants expected the recent elevated inflation is due to temporary factors that will dissipate and could allow the FOMC to maintain or even lower the target range, which others suggested that inflation will remain elevated and require rate increases.(July 6) Fed Governor Christopher Waller (voter) said that forward guidance is useful in some cases, including as tool in place of actual rate actions, but requires flexibility when conditions evolve differently from was expected.(July 1) Fed Chair Kevin Warsh (voter) repeated that the FOMC will work to maintain price stability and said that prices are too high but again avoided giving any forward guidance.

Cargo Traffic to Los Angeles Port Expected to Rise in Week Ending July 25

Cargo traffic at the Port of Los Angeles is expected to rise in the week ending July 25, according to data from ship-tracking system Port Optimizer.A total of 124,582 20-foot equivalent units, a standardized measure of cargo capacity, are projected to reach the port in the week, the data showed. That volume reflects a 4.6% increase from the previous week and a 13% rise from a year earlier.Twenty-one freight vessels are scheduled to arrive at the port in the week ending July 25, the data showed. That compares with 22 vessels scheduled this week and 24 in the week ending July 18.

Pace of Rise in New Zealand Food Supermarkets' Supplier Costs in June Little Changed, Infometrics Says

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