Food prices in New Zealand increased 3.5 percent year-on-year in January 2020, following a 2.4 percent gain in the previous month. It was the highest food inflation rate since September 2011, boosted by cost of meat, poultry & fish (6 percent vs 4.2 percent in December), as both beef mince (+13 percent) and blade steak (+8.2 percent) prices reached all-time highs, and bacon (+21 percent) and lamb (+14 percent) increased sharply. Also, cost of grocery food went up further (2.3 percent vs 0.8 percent), in particular milk, cheese and eggs (3.3 percent vs 1.4 percent). Meanwhile, prices slowed for restaurant and ready-to-eat meals (3.4 percent vs 3.5 percent); and fruit & vegetables (2.7 percent vs 3.6 percent), as vegetables prices dropped (-1.4 percent vs 1.2 percent). On a monthly basis, food prices advanced 2.1 percent, rebounding from a 0.2 percent decline in December.
Food Inflation in New Zealand averaged 5.51 percent from 1961 until 2020, reaching an all time high of 25.20 percent in March of 1980 and a record low of -2 percent in June of 2010. This page provides - New Zealand Food Inflation - actual values, historical data, forecast, chart, statistics, economic calendar and news. source: Statistics New Zealand
Food Inflation in New Zealand is expected to be 1.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Food Inflation in New Zealand to stand at 1.70 in 12 months time. In the long-term, the New Zealand Food Inflation is projected to trend around 1.70 percent in 2021, according to our econometric models.