FX.co ★ New Zealand Food Prices Climb 0.4% On Year

In August, food prices in New Zealand increased by 0.4 percent on an annual basis, as reported by Statistics New Zealand on Thursday. This marks a deceleration from the 0.6 percent rise observed in July.

The annual uptick in food prices was primarily driven by higher costs for restaurant meals, ready-to-eat foods, and grocery items, which saw increases of 3.6 percent and 2.4 percent, respectively.

The rise in restaurant and ready-to-eat food prices can be attributed to increased costs for lunch or brunch options, hamburgers, and takeaway coffees.

In the grocery sector, the price hike was mainly due to more expensive olive oil, chocolate blocks, and butter.

On a monthly scale, food prices went up by 0.2 percent.