Annual Food Price Increase Drops, Relief For Eastern Bay Shoppers
Food prices may sting a little less for Eastern Bay shoppers.
Stats NZ announced today annual food prices were 9.6% higher last month than in July 2022.
Data shows it's the first time since September 2022 that the annual increase had dropped below 10%.
It also compares to figures released last month which revealed annual food prices were 12.5% higher in June 2023 than in June 2022.
“While overall food inflation has slowed, it is comparable to the increases we saw in 2008 and 2011,” says Consumer Prices Manager, James Mitchell.
Stats NZ note annual increase was due to rises across a number of categories:
grocery food prices increased 11.9%
restaurant meals and ready-to-eat food prices increased 8.9%
meat, poultry, and fish prices increased 9.3%
fruit and vegetables prices increased 6.2%
non-alcoholic beverage prices increased 9.1%
"Increasing prices for fresh eggs, potato crisps, and six-pack yoghurt were the largest drivers within grocery food,” Mitchell says.
Restaurant meals and ready-to-eat food were noted as the second-largest contributor to the annual movement. This was primarily driven by dine-in lunch/brunch, takeaway meals, and dine-in evening meals.
According to Stats NZ, monthly food prices fell 0.5% last month compared with June 2023. After adjusting for seasonal effects, they were down 1.1%
Prices for fruit and vegetables such as tomatoes, avocadoes, and oranges contributed the most to the overall monthly fall and are also down year on year.
“While prices for fruit and vegetables fell 4.1 percent in the month, they are 6.2 percent more expensive than this time last year,” Mitchell says.
Public Interest Journalism funded through New Zealand On Air.