Food Prices Hit 14-Year High
Stats NZ announced today, food prices were 10.1% higher in October 2022 compared with October 2021.
Consumer prices senior manager Nicola Growden says, “this was the highest annual increase since November 2008.”
Rises in grocery foods proved to be a key contributor to the rise.
Compared to October 2021, Stats NZ noted rises across several categories:
grocery food prices increased by 9.7%.
fruit and vegetable prices increased by 17%.
restaurant meals and ready-to-eat food prices increased by 7.5%.
meat, poultry, and fish prices increased by 10%.
non-alcoholic beverage prices increased by 8.7%.
“Increasing prices for barn-raised eggs, cheddar cheese, and two-minute noodles were the largest drivers within grocery food,” Growden says.
Fruit and vegetables were the second largest contributor to the annual movement, with potatoes, bananas and cabbages influencing the the rise.
Monthly food prices were also 0.8% higher last month compared with September. StatsNZ states, after adjusting for seasonal effects, they were up 1.8%. However, fruit and vegetable prices fell 5.2%, but after seasonal adjustment rose 1.3%.