New Zealand Food Inflation

The annual food inflation in New Zealand held steady at 1.2% in October 2024, marking the highest level since February. The increase was primarily driven by higher prices for restaurant meals and ready-to-eat food, which rose by 3.4%, and grocery food, which saw a 2.5% increase. The rise in restaurant meal prices was largely due to higher costs for lunch/brunch, takeaway coffees, and takeaway meals. Meanwhile, grocery food prices climbed due to higher costs for olive oil, butter, and standard 2L milk. On a monthly basis, food prices fell by 0.9% in October after rising by 0.5% in a month earlier.