Grocery prices continue to be the biggest contributor to food price inflation as the overall rate of growth remains at a 13-year high.
Figures released by Stats NZ this morning showed that food prices in September 2022 were 8.3% higher as compared with September last year. The rate of growth is the same as last month, which was the highest since July 2009.
The agency's consumer prices manager Katrina Dewbery said increasing prices for yoghurt, two-minute noodles, and pasta sauce were the largest drivers within grocery food.
A five-pack of two-minute noodles increased in price by nearly a full dollar, according to weighted average prices. Overall grocery food prices increased by 7.7%, with fruit and vegetables increasing by 16%. Restaurant and takeaway prices increased by 6.9%, with meat prices increasing by 6.7%.
1News business correspondent Katie Bradford looks at today’s food price data. (Source: 1News)
The second-largest contributor to the annual movement was fruit and vegetables, with capsicums, tomatoes, and broccoli leading the increase in prices.
Meanwhile, monthly food prices were up 0.4% as compared with last month. After adjusting for seasonal effects, this was 0.9%.
Fruit and vegetables fell 0.1%, but after seasonal adjustment rose 3.9%.
Non-alcoholic beverages had the largest impact on the month-to-month figures, with large-bottled soft drinks up 3.4% and instant coffee up 5.2%.
Stats NZ's release of food price index data comes ahead of the release of the latest inflation figures next Tuesday. Observers are watching whether annual inflation reduces from its 32-year high of 7.3% in the June quarter.
SHARE ME