Prices of all food categories increased, Stats NZ data shows
Food prices increased 9.6% in the year to July compared to the prior year, driven by rises across all the broad food categories, fresh Stats NZ figures showed.
“While overall food inflation has slowed, it is comparable to the increases we saw in 2008 and 2011,” said James Mitchell, consumer prices manager.
Contributing to the annual increase in food prices for the year ended July were the 11.9% increase in grocery food prices, 8.9% rise in restaurant meals and ready-to-eat food prices, 9.3% jump in meat, poultry, and fish prices, 6.2% lift in fruit and vegetables prices, and the 9.1% growth in non-alcoholic beverage prices.
“Increasing prices for fresh eggs, potato crisps, and six-pack yoghurt were the largest drivers within grocery food,” Mitchell said.
Restaurant meals and ready-to-eat food were the second largest contributor to the annual movement, with the increase in this group driven by dine-in lunch/brunch, takeaway meals, and dine-in evening meals.
Month-on-month, food prices slipped 0.5% in July 2023 compared with June, and were down 1.1%, after adjusting for seasonal effects.
Fruit and vegetable prices contributed the most to the overall monthly decline and were also down compared to 2022, Stats NZ data showed.
“While prices for fruit and vegetables fell 4.1% in the month, they are 6.2% more expensive than this time last year,” Mitchell said.
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