12th April 2024 FPI / Prices
The annual increase in food prices has fallen to its lowest level since April 2021, which marked the start of the recent upward cycle.
The rate of food price increases at Foodstuffs grocery co-operative stores was behind the Stats NZ Food Price Index for year to March 2024.
The rate of food price increases at Foodstuffs grocery co-operative stores was ahead of the Stats NZ Food Price Index in February.
Falling fruit and vegetable prices help take the steam out of both annual and monthly food price inflation, according to Stats NZ.
Rising prices for boxed chocolate, milk and eggs in January contributed to the end of a five-month run of falling food prices.
Annual food price growth in December was the lowest it has been in two years, but still rose close to 5% thanks to more expensive restaurant meals and takeaways
Higher prices for confectionery contributed to higher annual prices in November, although the pace of growth continues to slow.
The increase in annual and monthly food prices continues to slow, with the latter coming in negative for the second month in a row, according to Stats NZ.
Monthly food prices fell 0.4% on the back of falls for fruit and vegetables, such as tomatoes, cucumbers, and lettuce.
Fruit and vegetables such as grapes, tomatoes, cucumbers, and nectarines contributed to a rise in monthly prices in August, after a contraction in July.
Annual food prices are still moving up but monthly growth turns negative for the first time since 2021, with avocados, oranges and tomatoes helping the cause.
Annual food prices inflation is climbing again, rising to 12.5% in June 2023 after a month of floating closer to 12%.
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The main drivers of food price inflation may have peaked, according to Foodstuffs North Island boss Chris Quin.
Food price inflation remains above 12% in May, although dips away from April’s high of 12.5%.
Foodstuffs North Island prices were 0.2% above the Grocery Supplier Cost Index in April, as the underlying drivers of inflation pile up, according to the supermarket group.
Rising grocery prices, especially for potato chips, eggs, and yoghurt six-packs, continue to fuel annual food price inflation.
Annual food price inflation hits a new high for the cycle, fuelled by grocery food items such as crisps, eggs and yoghurt six-packs.
The 22.2% annual increase in fruit and vegetable prices in the March Food Price Index is symptomatic of a challenging summer, according to United Fresh.
The benchmark index of international food commodity prices declined for the twelfth consecutive month in March, driven by cereal and vegetable oil, according to the FAO.
The impact of extreme weather on the fresh category starts to show, with the price of tomatoes jumping 117%.
The first Food Price Index of 2023 is in, showing a slight cool-down from the record heights of last year albeit that double-digit inflation is continuing.
Vegetables New Zealand chair John Murphy says the latest food price index increase of 10.3% comes as no surprise, given how vegetable supply has been affected by atrocious weather.
Cheese, eggs and potato chips were behind the 32-year record annual food price increase in December, according to Stats NZ.
Increasing prices for cheddar cheese, yoghurt, and standard two-litre milk were the largest drivers within grocery food, says Stats NZ.
Annual food price inflation has jumped to hit double digits in October and set a 14-year high, according to Stats NZ.
The increasing price of two-minute noodles was one of the drivers of a 7.7% annual rise in the grocery category in September.
Price increases hit a new peak in the current upward cycle, which has now been running for 17 months.
National says labour shortages are worsening food inflation while the Greens want a long-term food price strategy.
Foodstuffs co-operatives have held food price increases below inflation for the third consecutive month, with the latest Stats NZ Food Price Index showing an annual rise of 7.4% in July.
Annual food price inflation has breached the 7% mark for the second time this year – just the second time in a decade – with the latest data showing food prices 7.4% higher in July this year than last.
Grocery prices continue to climb and are now 7.6% higher than this time last year, with milk, potato crisps and yoghurt notably more expensive.
Foodstuffs says its co-operatives have kept price increases for customers below inflation for the second month in a row.
The government has no plan to address increasing food prices with families continue to suffer, says the National Party’s finance spokesperson, Nicola Willis.
Food price inflation is back to where it was in February – a decade long record at the time – as groceries push the index up.
Price rises for cheddar cheese, milk, and eggs meant annual food inflation remained high in April, although eased from the 10-year record reported for March.
Fruit a vegetable prices were up 18% in last month’s FPI, but the pan-produce organisation said this should ease.
Fruit and vegetable prices jumped 18% over the year with meat, poultry, and fish prices up almost 9%.
Food prices continue their upward trajectory, with fruit and vegetables jumping 17% on a year ago.
The National Party says households are going backwards and pay packets are failing to keep up with the rising cost of food.
Annual food prices rose in 5.9% with widespread increases seen in January.
Food prices eased marginally in October however the annual growth rate was well-above the long-term average, says Stats NZ.
Seasonally adjusted food prices were up 0.9% on the month prior in September as higher priced chicken and eggs came home to roost.
Food prices rose 1.3% in July compared with the previous month, mainly influenced by fruit and vege price hikes.
Food price rose 0.4% in May compared with the month prior when rising prices for tomatoes and cucumbers contributed to a 1.1% jump, according to Stats NZ.
Rising prices for tomatoes and cucumbers were the main contributors to a 1.1% rise in food prices in April 2021, according to Stats NZ.
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