Food Prices Increase 0.6 Percent Annually

Food prices in New Zealand increased 0.6 percent in the 12 months to July 2024, following a 0.3 percent decrease in the 12 months to June 2024, according to figures released by Stats NZ today.

The increase in food prices was partly driven by higher prices for restaurant meals and ready-to-eat food, which increased 3.7 percent in the 12 months to July 2024.

Despite the annual increase in overall food prices, prices decreased for fruit and vegetables (down 8.5 percent), and meat, poultry, and fish (down 1.1 percent).

Cheaper prices for kumara, lettuce, and potatoes drove the fall in fruit and vegetable prices.

"Kumara prices dropped to $5.72 per kilo, almost one-third of the peak price of $14.25 per kilo in January 2024," consumer prices manager James Mitchell said.

Food prices up 0.4 percent in July

Food prices were up 0.4 percent in July 2024, following a 1.0 percent increase in June 2024.

Fruit and vegetables were the largest contributor to this increase, with prices up 4.5 percent. After adjusting for seasonal effects, fruit and vegetable prices were up 0.8 percent.

"Price increases were seen from typical seasonal produce such as tomatoes, cucumbers, and apples," Mitchell said.

Petrol prices down in July

Petrol prices fell 0.5 percent, while diesel prices fell 0.2 percent in July 2024. The Auckland regional fuel tax of 10 cents per litre plus GST was removed on 30 June 2024.

"Despite an overall decrease in petrol prices, Auckland was the only region to see lower prices in the month, while every other region in the country saw an increase," Mitchell said.