Food Prices Fall In October 2024

Monthly food prices fell 0.9 percent in October 2024 compared with September 2024, according to figures released by Stats NZ today.

The largest contributor to the fall was vegetables, down 7.2 percent. This was partly offset by a rise in fruit prices, up 0.6 percent.

"Over the last two years, vegetable prices have fallen 14.2 percent, while fruit prices have risen by 8.0 percent," prices and deflators spokesperson Nicola Growden said.

"In October, veggies were cheaper due to falling prices for tomatoes, cucumber, and capsicum, while apples, oranges, and bananas pushed up fruit prices."

Overall, fruit and vegetable prices fell 4.1 percent in October 2024.

Other items that have contributed to the monthly fall include instant coffee, yoghurt, and potato crisps.

These falls were partly offset by rising prices for standard 2L milk and fruit juice.

Food prices increase 1.2 percent annually

Food prices increased 1.2 percent in the 12 months to October 2024, maintaining the same increase as the 12 months to September 2024.

Higher prices for restaurant meals and ready-to-eat food as well as grocery food drove the annual increase in food prices, up 3.4 percent and 2.5 percent, respectively.

The price increase in restaurant meals and ready-to-eat food was due to rising prices for lunch/brunch, takeaway coffees, and takeaway meals.

Grocery food prices also rose, driven by higher prices for olive oil, butter, and standard 2L milk.

"A 500g block of butter now costs over one-third more than it did last year, with an average price of $6.67," Growden said.

"The price for a standard 2L bottle of milk increased around 9 percent over the same period, averaging $4.21 a bottle."

Despite an overall increase in food prices, decreasing prices in the fruit and vegetables group had the largest impact on food prices. Fruit and vegetable prices fell 8.9 percent in the 12 months to October 2024.