Foodstuffs recorded an average year-on-year retail price increase of 3.7% across its comparable Stats NZ Food Price Inflation basket, which came in at 3.4% for March.
Takeaway coffee, white bread, and beef mince were identified as contributing to a 3.4% increase in annual food prices in March.
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The grocery group confirms it is fast-tracking price rise requests that are “driven purely by fuel prices”.
Foodstuffs is working on a system that will allow suppliers to fast-track temporary price increase applications on the back of escalating fuel costs.
World food commodity prices rose in March for the second month in a row, due largely to higher energy prices linked to the conflict escalation in the Middle East.
New Zealand’s hospitality recovery has been dealt a “punch in the face,” with a new survey revealing 94% of businesses are feeling the direct impact of the Middle East conflict.
Grocery Commissioner Pierre van Heerden issues a formal directive to supermarket leaders, warning them not to use global supply chain volatility as a pretext for margin expansion.
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Foodstuffs warns of a “slow-burn” impact on New Zealand grocery prices as Middle East conflict costs continue to filter through global supply chains.
Food prices continue to increase as the year goes on – although the pace of annual growth is smoothed out after Stats NZ revisits January’s figures.
The first post-summer moratorium month saw flat growth in grocery supply costs, but this is likely to change as the affects of the Middle East war filter through the food system.
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