Thursday, November 30, 2023

Food prices continue downward monthly trend

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Kiwis still paying more than this time last year, however.
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Food prices in New Zealand have again fallen but Kiwis are still paying 6.3% more than they were a year ago, according to figures released by Stats NZ.

Month-on-month food prices fell 0.9% in October 2023 compared to September. That follows a 0.4% drop in September.

Fruit and vegetables were the largest contributor to the latest monthly fall, followed by grocery food. The grocery items that contributed the most to the drop  were cheese, white bread and muesli bars.

“Prices fell across the board in October, with only dining out and takeaway food being more expensive than in September,” consumer prices manager James Mitchell said. 

The annual increase of 6.3% to October 2023 was due to price rises across the five broad food categories measured by Stats NZ. 

Groceries were up 7.9%, restaurant ready-to-eat food meals 7.7%, non-alcoholic beverages 5.7%, meat, poultry, and fish 3.3% and fruit and vegetables 3.3%.

“The largest contributing food group was grocery food, mainly driven by higher prices for fresh eggs, potato crisps, and yoghurt,”  Mitchell said.

The increase for restaurant meals and ready-to-eat food, the second largest contributor to the annual movement, was driven by eat-in-brunch/lunch, takeaways, and restaurant evening meals.

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