Grocery supplier costs also up
Food prices in New Zealand rose by 0.6% in the 12 months to July, according to data released by Stats NZ.
This follows a 0.3% decrease in the year to June 2024, showing a slight upward trend driven largely by the rising cost of restaurant meals and ready-to-eat food, which saw a 3.7% increase over the year.
However, some food categories saw price reductions, with fruit and vegetables experiencing an 8.5% decline, and meat, poultry, and fish prices down by 1.1%.
The drop in fruit and vegetable prices was particularly notable, with cheaper kumara, lettuce, and potatoes contributing to the decline, Stats NZ reported.
Monthly food prices rise
On a monthly basis, food prices increased by 0.4% in July 2024, following a larger 1% rise in June.
The main driver of the monthly increase was the 4.5% rise in fruit and vegetable prices, with seasonal produce such as tomatoes, cucumbers, and apples contributing to the price hike.
“Price increases were seen from typical seasonal produce,” said James Mitchell (pictured above left), Stats NZ’s consumer prices manager.
Compare the latest Stats NZ figures with the previous month’s data.
Grocery supplier costs rise annually
The cost of goods from grocery suppliers to supermarkets increased by 2.4% in July, marking the slowest annual rise since November 2021, according to Infometrics chief economist Brad Olsen (pictured above right).
“While the slowdown is encouraging, there are still high numbers of cost increases across items like seafood, dairy, and red meat,” Olsen said.
To compare the latest Infometrics’ data with the previous month’s click here.
Read the media releases from Stats NZ and Infometrics.
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