Groceries drive 10.3 percent annual increase in food prices

Ōtautahi - Food prices were 10.3 percent higher in January 2023 than they were in January last year, with grocery food the largest contributor to this movement, Stats NZ says.

In January 2023, the annual increase was due to rises across all the broad food categories StatsNZ measures. Compared with January 2022:

• grocery food prices increased by 11 percent

• restaurant meals and ready-to-eat food increased by 8.3 percent

• fruit and vegetable prices increased by 16 percent

• meat, poultry, and fish prices increased by 9.2 percent

• non-alcoholic beverage prices increased by 7.1 percent

“Increasing prices for cheddar cheese, barn or cage-raised eggs, and potato chips were the largest drivers within grocery food,” Stats NZ consumer prices manager James Mitchell says.

The second-largest contributor to the annual movement was restaurant meals and ready-to-eat food.

Monthly food prices rose 1.7 percent in January 2023 compared with December 2022. After adjusting for seasonal effects, they were up 0.3 percent.

Grocery food was the largest contributor to the monthly movement. Within this group, the items having the greatest impact were boxed chocolates, potato chips, and barn or cage-raised eggs.