Annual Food Prices Surge 6%, Drop for Third Straight Month

Food prices in New Zealand are 6.0 percent higher than a year ago, but are cheaper in November 2023 than October 2023, according to figures released by Stats NZ today.

"The largest contribution to the annual change was grocery food, mainly driven by higher prices for fresh eggs, lollies, and peanuts," consumers prices manager James Mitchell said.

In November 2023, the annual increase was due to price rises across the five broad food categories measured by Stats NZ. Price movements for all five groups for the 12 months to November 2023, in order of their contribution to the overall movement, were:

• grocery food prices increased 7.0 percent
• restaurant meals and ready-to-eat food prices increased 7.5 percent
• fruit and vegetable prices increased 4.8 percent
• non-alcoholic beverage prices increased 5.8 percent
• meat, poultry, and fish prices increased 2.0 percent.

Restaurant meals and ready-to-eat food was the second largest contributor to the annual increase.

"Getting a meal from a restaurant or café and grabbing a takeaway has continued to get more expensive," Mitchell said.

Food prices fell 0.2 percent in November 2023 compared with October 2023

The fruit and vegetables group was the largest contributor to the monthly fall, driven by seasonal price falls in tomatoes, capsicums, and strawberries.

"We are seeing more food items fall in price than a year ago," Mitchell said. "In November 2023, 46 percent of food items fell in price, while in November 2022, 27 percent of items decreased."