FX.co ★ New Zealand Food Prices Rise 0.7% On Year In March

New Zealand's food prices increased by 0.7 percent annually in March, as reported by Statistics New Zealand. This represents a slow down from the 2.1 percent increase observed in February.

The slower annual growth is primarily attributed to a decrease in fruit and vegetable prices, which fell by 13.3 percent during the 12 months up to March 2024. Interestingly, the prices of alcoholic beverages saw an increase of 5.2 percent in March 2024 compared to the same time the previous year, largely driven by an increase in beer prices, which surged by 7.1 percent.

Monthly food prices, however, saw a decrease of 0.5 percent. The most significant contributor to this monthly drop was the fruit and vegetable domain, due to lower prices of kumara, apples, and grapes. The meat, poultry, and fish category also played a part in lowering food prices, notably due to reduced prices of lamb, beef steaks, and bacon.