Loaves of bread, blocks of butter and a tank of diesel are among the items that have more than doubled in price in the last decade, new research from a major bank shows, as nearly half of New Zealanders say they feel worse off than 2016.
The average 500g block of butter had risen 157% to $8.43 and a loaf of sliced white bread 120% to $2.38. Filling a mid-size SUV with diesel now costs about $160, up 141%, while a kilo of mince and a kilo of mild cheese were up 71% and 75% to $24.41 and $12.95 respectively.
Westpac's economics team analysed indexed pricing data and found many household costs had climbed well past the 38% rise in the consumers price index (CPI) over the same period.
Rates and services had risen 87%, while building costs were up 72%.
Kiwi takeaway favourites have also become more expensive. Fish and chips were up 78% to $11.07, meat pies 64% to $6.61 and burgers 56% to $7.55.
Chicken breasts bucked the trend, rising just 2% to $14.80 a kilo.
A survey Westpac ran through research platform Ideally found 46% of New Zealanders felt worse off than they had 10 years ago. Only 37% said they were better off.
Westpac NZ managing director of product, sustainability and marketing Sarah Hearn said the results were troubling because pay had largely kept pace with inflation.
"Average hourly wages have more or less tracked inflation since 2016. If anything, you'd expect New Zealanders to feel better off overall, but that's not what our research shows and that is concerning," she said.
Of those surveyed, 24% said they were much worse off and 22% slightly worse off. Another 17% felt much better off, 20% slightly better off and 15% about the same.
Hearn said women, people aged 50 to 64 and those living alone had been considerably more likely to report feeling worse off.
She said "nice to have" spending such as home furnishings, communications and TV subscriptions had seen much smaller price rises. Households were instead spending a bigger share of their take-home pay on necessities.
"The surge in unavoidable costs is a likely factor. Even if discretionary items have become relatively cheaper, there's less money left over to pay for them once people have taken care of necessities like groceries, rates and utilities, and transport costs."
She urged anyone under financial pressure to start with the basics.
"The best thing you can do if you're feeling the squeeze is get a clear picture of your incomings and outgoings, draw up a budget and make a plan to stick to it.
"Financial uncertainty can take a toll over time. Sitting down as a family and discussing your savings and spending priorities might help you take control of money matters."
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