WELLINGTON, July 11 (Xinhua) -- New Zealand's food prices decreased 0.3 percent in the 12 months to June 2024, the first annual decrease in nearly six years, the statistics department Stats NZ said on Thursday.
The decrease was driven by lower prices for tomatoes, cheese and potatoes, Stats NZ consumer prices manager James Mitchell said.
In the 12 months to June 2024, prices for fruit and vegetables, and meat, poultry, and fish fell 16.1 percent and 1.4 percent respectively, Mitchell said, adding that the decrease for fruit and vegetable prices is the largest recorded, as prices fell from the record-high level in June 2023.
All other broad food groups increased in price in the 12 months to June 2024, with restaurant meals and ready-to-eat food up 4 percent, and grocery food up 2.3 percent, statistics show.
Despite the annual fall in overall food prices, the price level is the third highest since the statistics series began in 1961, Mitchell said, adding that food prices increased 1 percent in June 2024 compared with May 2024.
"While food prices were cheaper in June 2024 than they were in June 2023, 11 of the past 12 months have actually had cheaper food prices than in June 2024," he said.
Prices were still rising for some items despite an overall decrease in food prices, Mitchell said, citing the example of the average price of a 1-liter bottle of olive oil in New Zealand which increased to 19.99 NZ dollars (12.17 U.S. dollars), up 49.5 percent in the 12 months to June 2024. ■
