8th April 2024 GSCI / Infometrics
Cost increases might be 1 to 1.5 percentage points higher than before the pick-up in inflation in 2021, says Infometrics’ principal economist.
Seafood supplier costs increased the most, followed by grocery, according to the latest Infometrics-Foodstuffs GSCI.
But costs remain stubbornly high, especially for grocery items like noodles, potato chips, and cooking oils.
Bakery costs rose the most month-on-month, with larger rises than previously reported in chilled foods and grocery too, according to Infometrics.
New Zealand appears to have avoided a recession in the first quarter with Infometrics’ March 2023 Quarterly Economic Monitor showing a 2.7%pa rise in provisional economic activity.
“Domestic inflation pressures have not eased substantially yet, and weather-related disruptions will only reinforce some of the pressures already in the system,” says Infometrics as supplier costs rise again in February.
The impact of the summer cost change moratorium on the December index means it is not yet clear if cost pressures will ease in 2023, according to Infometrics.
Produce and chilled see the steepest monthly increases, according to the Infometrics – Foodstuffs NZ Grocery Supplier Cost Index.
A new index commissioned by the co-operative and produced by the economic consultancy shows the climbing cost of groceries sold by suppliers.
Exporters can grow sectors such as wine or explore new opportunities for peanut butter or ice cream, says a new report.
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