Annual food prices increase 12.5 percent
Food prices were 12.5 percent higher in April 2023 than they were in April 2022, according to figures released by Stats NZ today.
“The 12.5 percent annual increase in April 2023 was the largest since September 1987 which included the introduction of GST in 1986,” consumer prices manager James Mitchell said.
In April 2023, the annual increase was due to rises across all the broad food categories Stats NZ measures. Compared with April 2022:
- grocery food prices increased by 14.0 percent
- fruit and vegetables prices increased by 22.5 percent
- restaurant meals and ready-to-eat food prices increased by 9.0 percent
- meat, poultry, and fish prices increased by 9.5 percent
- non-alcoholic beverage prices increased by 8.0 percent.
“Increasing prices for barn or cage-raised eggs, potato chips, and 6-pack yoghurt were the largest drivers within grocery food,” Mitchell said. “These were the same drivers for grocery food last month.”
The second-largest contributor to the annual movement was fruit and vegetables. The increase was driven by tomatoes, avocados, and potatoes.
Monthly change
Monthly food prices rose 0.5 percent in April 2023 compared with March 2023. After adjusting for seasonal effects, they were up 0.8 percent.
Restaurant meals and ready-to-eat food increased by 1.7 percent and was the largest contributor to the monthly food price increase.
“Higher prices for dining out and takeaway coffee drove the increase in restaurant meals and ready-to-eat food,” Mitchell said.