Milk cheapest at dairies: research

File photo

Proof it pays to shop around for the best deal on fresh milk.

Statistics New Zealand has just released an article documenting the price of milk in New Zealand over the past 120 years.

Overall prices peaked in 2008 and again in February this year.

Researchers have found if consumers had shopped around, they would have found the cheapest milk at dairies or service stations.

But prices at those retailers were also on the list of most expensive milk.

"Nine of the 10 cheapest prices (many of which were based on discounted prices for two containers) were at dairies, grocers, superettes, or service stations, while the remaining one was at a supermarket. However, seven prices were over $5.00, and these were at dairies, grocers, superettes, or service stations," Statistics New Zealand said.

SNZ said although the average price of milk was the highest recorded ($3.68) in nominal terms in February 2011, in real terms prices have been higher.

The average price of $2.37 in January 1994 is equivalent to $3.78 in February 2011, and the average price of $3.20 in January 2002 is equivalent to $4.18 in February 2011, after allowing for food price inflation.

- NEWSTALK ZB / Susie Nordqvist