New Zealand’s Food Price Index (FPI) slipped into negative territory in February 2026, signaling a modest easing in consumer food costs after a strong rise at the start of the year. According to the latest data updated on 16 March 2026, the FPI fell by 0.1% month-over-month, compared with a 2.1% increase in January 2026.
The month-over-month comparison shows a sharp turnaround in price momentum: while January’s reading reflected a solid jump from December levels, February’s slight decline suggests some short-term relief for households facing elevated living costs. The “actual” February figure is measured against January 2026, whereas the “previous” January figure was calculated relative to December 2025.
Although the February move is small, it breaks the upward run seen at the beginning of the year and may be watched closely by businesses, consumers, and policymakers as they gauge whether food price pressures are stabilizing or merely pausing after January’s surge.