Statistics New Zealand reported in the Food Price Index for July that prices increased 7.4 percent from last year. The same basket of products from Foodstuffs suppliers saw a 6.8 percent increase, while Foodstuffs only saw a 5.9 percent increase.
Foodstuffs are doing their best to keep costs below national inflation levels.
"Our customers are changing the way they shop in response to inflationary price pressures. Almost half say they are cutting back on non-essential items. 1 in 3 are shopping around for the best deals, switching to cheaper brands and house brands or eating out less," said Foodstuffs NZ Managing Director Chris Quin.
"Making sure our customers can find the best value for their budget on our supermarket shelves means buying well to get products at a fair price for customers, and running our stores and supply chain efficiency to keep costs down in the business."
The Global Food Price Index reports that commodities such as sugar, oils, meats and cereals have decreased in price consecutively for the last four months. However, prices still remain up 13 percent on July 2021.
"The number of items from our suppliers increasing in cost in July 2022 is more than double the number of items back in July 2019, prior to the pandemic."
"Inflation at these levels and its ongoing impact is still very tough and will be for some time, so we have to keep fighting inflation on the shop floor and at the stockroom door."
