Food prices in New Zealand increased 1.2 percent year-on-year in March of 2019, following a 1.7 percent rise in the previous month. Cost of fruit & vegetables declined further (-2.6 percent in March vs -0.6 percent in February) and prices slowed for meat, poultry & fish (0.9 percent vs 3.5 percent); and non-alcoholic beverages (2.1 percent vs 2.7 percent). In contrast, cost of grocery food advanced at a faster pace (1.4 percent vs 0.8 percent) and inflation was steady for restaurant meals and ready-to-eat food (at 2.9 percent, the same as in February). On a monthly basis, food prices went up 0.5 percent, after a 0.4 percent gain in February. Food Inflation in New Zealand averaged 5.56 percent from 1961 until 2019, reaching an all time high of 25.20 percent in March of 1980 and a record low of -2 percent in June of 2010.
Food Inflation in New Zealand is expected to be 1.30 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 1.80 in 12 months time. In the long-term, the New Zealand Food Inflation is projected to trend around 1.70 percent in 2020, according to our econometric models.