Food prices in New Zealand soar 9.6% in a year

Food prices in New Zealand soar 9.6% in a year.
Rise was attributed to higher prices in all major food categories.
Restaurant dining and prepared food emerged.

The New Zealand statistics department, Stats NZ, reported that the annual food prices in July 2023 showed a 9.6% increase compared to July 2022.

This rise was attributed to higher prices in all major food categories, with grocery food prices specifically experiencing an 11.9% increase.

“While overall food inflation has slowed, it is comparable to the increases we saw in 2008 and 2011,” said Stats NZ consumer prices manager James Mitchell.

“Increasing prices for fresh eggs, potato crisps, and six-pack yoghurt were the largest drivers within grocery food,” Mitchell said.

Restaurant dining and prepared food emerged as the second most significant factor in the yearly trend, with the surge attributed to on-site lunch and brunch, as well as to-go meals and in-house dinners, as explained by the source.

In July 2023, the cost of food per month experienced a decrease of 0.5 percent compared to June 2023, according to data from Stats NZ.

The decline in prices for items like tomatoes, avocados, and oranges had the most notable impact on the overall monthly decrease and also displayed a year-on-year decrease, as noted by Mitchell.

“While prices for fruit and vegetables fell 4.1 per cent in the month, they are 6.2 per cent more expensive than this time last year,” he said.

The cost of living for the average household in New Zealand went up by 7.2 percent in the year leading to June 2023. This increase was primarily driven by a significant rise in food prices, as indicated by data from Stats NZ in the previous month.

The average household experienced a 12.7 percent increase in food prices, playing a central role in the overall higher expenses faced by various household groups across New Zealand.

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Food prices in New Zealand soar 9.6% in a year

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