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Stats NZ say food prices have smallest annual increase since May 2021

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Food prices increased 2.1 percent in the 12 months to February 2024, the smallest increase since May 2021, according to figures released by Stats NZ.

The 2.1 percent increase is noticeably lower when compared with the 12.0 percent increase in the 12 months to February 2023. The lower annual increase was due to cheaper fruit and vegetable prices, down 9.3 percent in the 12 months to February 2024. “Cheaper prices for fresh produce such as tomatoes, broccoli, and lettuce drove the decrease in fruit and vegetable prices,” consumer prices manager Will Bell said.

All other broad food groups increased in the 12 months to February 2024. Price movements, in order of their contribution, were:

  • restaurant meals and ready-to-eat food prices – increased 6.7 percent
  • grocery food prices – increased 3.9 percent
  • non-alcoholic beverage prices – increased 4.3 percent
  • meat, poultry, and fish prices – increased 0.2 percent.

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