"Food prices in New Zealand were 6.3% higher than a year ago but were cheaper in October 2023 than they were a month earlier."
That's according to latest data by Stats NZ, released today.
It's the lowest rate since January 2022 and also follows four months of consecutive falls in food prices. The annual percent change has dropped from 12.5% in June, 9.6% in July, 8.9% in August and 8.0% in September.
Stats NZ noted in their latest report, food prices fell 0.9% last month due to broad falls in the majority of subgroups.
Rises in grocery food were the largest contributor to the movement, up 7.9% in twelve months.
“This was mainly driven by higher prices for fresh eggs, potato crisps, and yoghurt,” says Consumer Prices Manager, James Mitchell.
Restaurant meals and ready-to-eat food was noted as the second largest contributor to the annual movement, having increased 7.7%. This was primarily due to eat-in-brunch/lunch, takeaways, and restaurant evening meals.
Non-alcoholic beverages prices also increased 5.7%, meat, poultry, and fish prices were up 3.3% and fruit and vegetables prices up 3.3%.
According to Stats NZ, monthly food prices fell 0.9% in October 2023 compared with September 2023. After adjusting for seasonal effects, they fell 0.1%.
“Prices fell across the board in October, with only dining out and takeaway food being more expensive than in September,” Mitchell said.
The fruit and vegetables subgroup was the largest contributor to the monthly fall.
Grocery food followed closely behind, with cheese, white bread and muesli bars primarily contributing to the monthly fall.
Public Interest Journalism funded through New Zealand On Air.