Stats NZ Announce Food Prices See Largest Annual Increase In 13 Years
Stats NZ announced yesterday, food prices were 8.3% higher in August 2022 compared with August 2021.
This is recorded as the largest annual increase since July 2009, when annual food prices increased 8.4%
Stats NZ notes, in August 2022, the annual increase was the result of rises across several food categories:
Grocery foods up 8.7%.
Fruit and vegetables up 15%.
Meat, poultry, and fish prices up 7.6%.
Restaurant meals and ready-to-eat food prices up 6.5%.
Non-alcoholic beverage prices up 4.1%.
Grocery food was the largest contributor to the movement.
Consumer prices manager Katrina Dewbery says, "increasing prices for eggs, yoghurt, and cheddar cheese were the largest drivers within grocery food."
The high prices for capsicums, potatoes, and onions also had a major influence on the movement.
Stats NZ states, monthly food prices were 1.1% higher in August 2022 compared with July 2022. After adjusting for seasonal effects, they were up 0.9%.
A 4.1% rise in fruit and vegetables had a great impact on the monthly movement.
After adjusting for seasonal influence, fruit and vegetables were up 2.3%.
Dewbery says, “Vegetables had the largest impact on this monthly rise, influenced by higher prices for tomatoes, capsicums, and cabbage."