Summarised by Centrist
Food prices, which surged through 2023, have finally stabilised. However, Infometrics chief executive Brad Olsen notes that food prices in July 2024 were still 18% higher than they were in July 2021. He calculated that households were spending nearly $300 a week on food on average compared to $225 in 2019.
Some of the most notable increases include grocery food (up 22%), non-alcoholic drinks (up 19%), and ready-to-eat meals (up 21%). He also noted that oils and fats saw a 42% increase, largely attributed to supply chain disruptions caused by the war in Ukraine.
Stats NZ reported that the price of olive oil saw the largest increase during this period, surging almost 84%. Eggs followed closely, with a dozen rising by nearly 80%, while kumara prices jumped by just over 72%.
According to Olsen, extreme dry weather in Spain and fewer eggs produced domestically are blamed for high olive oil and egg prices, respectively.
On the brighter side, certain produce like broccoli (down 47.9 %), lettuce (down 38.5%), and cauliflower (down 29.1%) have become more affordable due to seasonal supply surges.
