Wellington, Jan 20 | New Zealand’s annual food prices were 4.5 per cent higher in December 2021, the biggest annual increase since September 2011 when the annual food prices increased 4.7 per cent, the statistics department Stats NZ said on Thursday.
The main contributor to this increase was higher prices for tomatoes, it said, adding tomatoes nearly doubled in price between December 2020 and December 2021, increasing 99 per cent, reports Xinhua news agency.
The weighted average price of 1 kg of tomatoes increased from NZ$3.33 in December 2020 to NZ$6.61 in December 2021, consumer prices manager Katrina Dewbery said in a statement.
Higher prices for tomatoes were partly offset by cheaper prices for kiwi fruit, kumara, and avocados, Dewbery said.
At a more aggregated level, grocery foods had the biggest impact on the annual food prices movement, increasing 4.5 per cent.
Within this, yoghurt, standard two-litre milk, and fresh eggs were the main contributors, she said.
Overall food prices rose 0.6 per cent last month. This shows that food prices increased by more than they usually do in December, Dewbery said.
The benchmark Indices Nifty started on the positive side after continuous sell off in last week and has managed to settle at 15842.30 with 60 point gain or 0.38 percent. However Nifty has failed to regain 16000 levels prior to LIC listing.
While Bank nifty has managed to settle at 33597.60 levels after gaining 1.44 percent. On the sectoral front, Nifty PSU Bank, Nifty Realty and Auto have contributed 2-3 percent gain on closing basis. On the flip side Nifty IT and FMCG ended with losses of 0.75 percent and 0.35 respectively. In Nifty, EICHERMOT, APOLLOHOSP and UPL were the top gainers while ULTRACEMCO, SHREECEM and ASIANPAINT were the prime laggards.
Technically, after forming the bearish candle on the weekly chart, the index has formed a Doji candlestick on the daily chart which shows indecisiveness among the trades. Moreover, the index has also faced a resistance from falling trend lines and showed profit booking from higher levels. However, Fibonacci retrenchment also has support around 15650 levels.
Traders may find buying opportunities for short term as if 15650 levels is protected. In the hourly chart, with support of the middle Bollinger band short term upside movement is expected. Stock specific action would drive the market in coming days too.
On the derivatives front, the highest call OI is at 16000 strike price followed by 16200 strike prices while on the put side, highest OI is at 15500 strike price. INDIA VIX closed at 24.53 with gain of 4.43 percent intraday indicating volatility is going to remain till weekly expiry . On the other hand, Bank nifty has support at 32600 levels while resistance is placed at 34500 levels.
Source: Choice India