The latest reports by StatsNZ showed that monthly food prices are up 0.9 percent in January 2024 compared to December 2023.
The drivers of these food prices were grocery foods. Boxed chocolates, 2-litre milk cartons, and fresh eggs (excluding free-range eggs) led the charge.
“Food prices increased monthly and annually,” consumer prices manager James Mitchell said.
Other products which have contributed to the rise are apples and lamb legs.
“Food prices increased 4.0 percent in the year ended January 2024. However, the annual change was the lowest reported since November 2021.”
These prices have also played a role in the rising cost of living rates for many New Zealanders, with the average New Zealand household’s cost of living increasing by 7.0 percent in the 12 months leading up to the December 2023 quarter.
This follows the 7.4 percent increase in the 12 months to the September 2023 quarter.
Mitchell explained that inflation, as measured by the consumer price index, eased more than the cost of living over 2023.
“Our cost-of-living measure includes ongoing costs that aren’t included in the CPI, such as interest payments, which have increased by 31 percent for the average household over the past 12 months.”
