New Zealand Food Inflation

The annual food inflation in New Zealand continued to decline to 0.7% in March 2024 compared to a 2.1% increase the month prior. This marked the lowest reading since April 2021, with costs rising at a slower pace for grocery food (1.7% vs. 3.9% in February), non-alcoholic beverages (4.3% vs. 3.9%), and restaurant meals and ready-to-eat food (6.4% vs. 6.7%). Prices for meat, poultry, and fish remained unchanged at 0.2%. Additionally, costs further decreased for fruit and vegetables (-13.3% vs. -9.3%). On a monthly basis, food prices decreased by 0.5%, following a 0.6% decrease in the previous month.