Food price increase reaches 14-year high – Stats NZ

Figures released by Stats NZ this morning showed that food prices in October 2022 were 10.1% higher when compared with October last year.It’s the highest annual price increase since November 2008, consumer prices senior manager Nicola Growden said.

Grocery food was the largest contributor to the food price increase again, after a similar trend in September. It was up 9.7% overall.

Growden said increasing prices for cheddar cheese (up 6.8%), barn eggs (7.4%) and potato crisps (3.6%) were the largest drivers within grocery food.

The second-largest contributor to the annual movement was fruit and vegetables, with potatoes, bananas and cabbages leading the increase in prices.

Monthly food prices were also up 0.8% in October compared to September.

After adjusting for seasonal effects, they were up 1.8%.

Fruit and vegetable prices dropped 5.2% but after adjusting for seasonal factors, they increased 1.3%.

“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.

With Thanks Reference to: https://www.1news.co.nz/2022/11/11/food-price-increase-reaches-14-year-high-stats-nz/ investing.com(https://in.investing.com/news/food-prices-in-new-zealand-reaches-14yr-high-3416343)