New Zealand Food Inflation

The annual food inflation in New Zealand increased to 1.3% in November 2024 from 1.2% in the previous month, marking the highest since February. The increase was primarily driven by higher prices for non-alcoholic beverages, which rose by 4.4%, restaurant meals and ready-to-eat food by 3.3%, and grocery food, which saw a 2.5% increase. The rise in non-alcoholic beverages was largely due to higher soft drinks, water, and juices. On a monthly basis, food prices inched down by 0.1% in November, following a 0.9% drop in a month earlier. The largest contributor to the fall was vegetables, down 7.9%. This was partly offset by a rise in fruit prices, up 4%.