Food prices were 10.1% higher in October 2022 compared with October 2021, Stats NZ said today.
“This was the highest annual increase since November 2008,” consumer prices senior manager Nicola Growden said.
In October the annual increase was due to rises across all the broad food categories measured. Compared with October 2021 grocery food prices increased by +9.7%, fruit and vegetable prices increased by +17%, restaurant meals and ready-to-eat food prices increased by +7.5%, non-alcoholic beverage prices increased by +8.7% while meat, poultry, and fish prices increased by +10%.
“Increasing prices for barn-raised eggs, cheddar cheese, and two-minute noodles were the largest drivers within grocery food,” Growden said.
Potatoes, bananas, and cabbages influenced fruit and vegetables prices the most.
“Previous patterns of seasonal price movement for fruit and vegetables suggest it’s more typical to see a larger fall in fruit and vegetables for the October month,” Growden said.
The monthly price rise was broad-based, with increases seen in 125 of the 162 items Stats NZ measures. In October 2021 they only saw price rises in 82 of the items measured, with the other 80 all falling.
Monthly food prices were +0.8% higher in October 2022 compared with September 2022. After adjusting for seasonal effects, they were up +1.8. Fruit and vegetable prices fell -5.2%, but after seasonal adjustment rose +1.3%.
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