Foodstuffs continue its promise to provide value for customers amidst the global inflation of food prices. Prices are up 6.7 percent in the UK, 10 percent in the US and 6.8 percent in NZ for the 12-month period to may.
Data from Foodstuffs highlights that the same basket of NZ groceries only increased by 4.7 percent for PAK’nSAVE, New World and Four Square customers in May. This means that Foodstuffs stores held food prices below the national inflation rate by 2.1 percent.
At the checkout, Foodstuffs is only responsible for 19 cents of every dollar. They are doing everything they can to manage costs and ensure New Zealanders find value in their groceries. This means managing rising supplier prices, petrol prices, wage inflation and transport costs. At present, supplier costs make up 68 percent of every dollar on the supermarket shelf.
Foodstuffs hold true to the price roll back on 110 of the most commonly shopped grocery items. The initiative has already saved kiwis $5.3 million, most of which on essential products like butter, cheese, vegetables, bread, and frozen proteins. The savings have been entirely funded by Foodstuffs stores.
The Commerce Commission’s final grocery report was clear that supermarket returns in NZ were similar to international grocery retailers in highly competitive markets. As 100 percent locally owned cooperatives and stores, Foodstuffs continues to invest in NZ. They will always look for ways to support Kiwis and are getting on with implementing the Commerce Commissions market study recommendations.
