Food prices in New Zealand see smallest annual increase in almost 3 years
Cheaper prices for fresh produce such as tomatoes, broccoli, and lettuce drove the decrease in fruit and vegetable prices, said Stats NZ consumer prices manager Will Bell.
New Zealand's food prices increased 2.1 per cent in the 12 months to February 2024, the smallest increase since May 2021, according to the statistics department Stats NZ on Wednesday. Lower fruit and vegetable prices are welcome news for New Zealanders who have been doing it tough at the supermarket, said Finance Minister Nicola Willis, Xinhua news agency reported.
The 2.1 per cent increase is noticeably lower when compared with the 12 per cent increase in the 12 months to February 2023, Stats NZ said, adding the lower annual increase was due to cheaper fruit and vegetable prices, down 9.3 per cent 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, said Stats NZcmanager Will Bell.
"Lower fruit and vegetable prices are a step in the right direction for Kiwi families who have been pulling in their belts to cope with rising prices and rising pressures across the board," Willis said, adding inflation continues to be tracking down in the right direction and people can start feeling more in control of their own finances.
All other broad food groups increased in the 12 months, with restaurant meals and ready-to-eat food prices up 6.7 per cent, grocery food prices up 3.9 per cent, non-alcoholic beverage prices up 4.3 per cent, and meat, poultry, and fish prices up 0.2 per cent, statistics show. "Going out for a meal or grabbing takeaways was more expensive in February 2024," Bell said. Meanwhile, the cost of accommodation both internationally and domestically has increased in the 12 months to February 2024, he said.
Prices for international accommodation increased 24.5 per cent during the period, after a decrease of 6.3 per cent in the 12 months to February 2023. "The cost of staying at accommodation while abroad, is more than 40 per cent more expensive than five years ago," Bell said, adding domestic accommodation increased 6.1 percent in the 12 months to February 2024.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
IPL Auction 2025 Free Live Streaming: When and where to watch Indian Premier League 2025 mega auction live online, on TV, Mobile Apps, and Laptop?
SIP vs PPF: How much corpus you can build in 15 years by investing Rs 1.5 lakh per year? Understand through calculations
SBI Senior Citizen Latest FD Rates: What senior citizens can get on Rs 7 lakh, Rs 14 lakh, and Rs 21 lakh investments in Amrit Vrishti, 1-, 3-, and 5-year fixed deposits
10:30 AM IST