Food prices increased 1.5% in the 12 months to December 2024, according to Stats NZ figures released today.
This increase follows a 1.3% increase in the 12 months to November 2024.
Stats NZ said the higher prices were driven by grocery food, up 2.7%, along with ready-to-eat food and restaurant meals, which were up 3.1%.
The highest increase in grocery food was due to increased prices for butter, standard 2L milk, and olive oil.
Stats NZ prices and deflators spokesperson Nicola Growden sad the price for a 500g block of butter has increased by around 50% since this time last year, at an average price of $6.66.
“The same-size block of butter had an average price of $4.48 in December 2023.”
For restaurant meals and ready-to-eat food, Stats NZ said higher prices for lunch and brunch, hamburgers, and evening restaurant meals drove the increase.
“Despite an overall increase in food prices, decreasing prices in the fruit and vegetables group had the largest impact on food prices, falling 8% in the 12 months to December 2024,” said Stats NZ.
Fruit and vegetable prices were driven by lower prices for kūmara, potatoes, and onions.
“Kūmara prices are around 60% lower in December 2024 than they were a year ago,” Growden said.
“In comparison, kūmara prices rose almost 260% in the year ended December 2023.”
