Falling milk and cheese prices dragging down food pricessupplied The price households pay for cheese is at its lowest level in almost nine years. Cheese prices have fallen to the lowest level in almost nine years, with overall food prices dragged down by cheaper dairy products. The food price index from Statistics New Zealand revealed that in the 12 months to June 30 food prices fell by 0.5 per cent, with the average prices of cheddar cheese down 9.5 per cent. In 12 months, fresh milk prices were down 3.9 per cent, while yoghurt dropped 9.2 per cent. This was the lowest price since September 2007," consumer prices manager Matt Haigh said in a statement.

Source: Stuff July 12, 2016 23:26 UTC