Food prices increased 0.7 percent in the 12 months to March 2024, the smallest increase since April 2021, according to figures released by Stats NZ today.
The 0.7 percent increase followed a 2.1 percent increase in the 12 months to February 2024, and is lower than the 12.1 percent increase recorded in the 12 months to March 2023.
| Month | Annual percentage change |
| Mar-20 | 3.3 |
| Apr-20 | 4.4 |
| May-20 | 2.9 |
| Jun-20 | 4.1 |
| Jul-20 | 4.2 |
| Aug-20 | 4.2 |
| Sep-20 | 3.1 |
| Oct-20 | 2.7 |
| Nov-20 | 2.6 |
| Dec-20 | 2.9 |
| Jan-21 | 2.1 |
| Feb-21 | 1.2 |
| Mar-21 | 0.5 |
| Apr-21 | 0.7 |
| May-21 | 1.8 |
| Jun-21 | 2.8 |
| Jul-21 | 2.8 |
| Aug-21 | 2.4 |
| Sep-21 | 4 |
| Oct-21 | 3.7 |
| Nov-21 | 4 |
| Dec-21 | 4.5 |
| Jan-22 | 5.9 |
| Feb-22 | 6.8 |
| Mar-22 | 7.6 |
| Apr-22 | 6.4 |
| May-22 | 6.8 |
| Jun-22 | 6.6 |
| Jul-22 | 7.4 |
| Aug-22 | 8.3 |
| Sep-22 | 8.3 |
| Oct-22 | 10.1 |
| Nov-22 | 10.7 |
| Dec-22 | 11.3 |
| Jan-23 | 10.3 |
| Feb-23 | 12 |
| Mar-23 | 12.1 |
| Apr-23 | 12.5 |
| May-23 | 12.1 |
| Jun-23 | 12.5 |
| Jul-23 | 9.6 |
| Aug-23 | 8.9 |
| Sep-23 | 8 |
| Oct-23 | 6.3 |
| Nov-23 | 6 |
| Dec-23 | 4.8 |
| Jan-24 | 4.2 |
| Feb-24 | 2.1 |
| Mar-24 | 0.7 |
The smaller annual increase was due to cheaper prices for fruit and vegetables, down 13.3 percent in the 12 months to March 2024.
“The annual decrease in fruit and vegetable prices was the largest recorded since the series began in 1999,” consumer prices manager James Mitchell said.
“This was driven by cheaper prices for tomatoes, lettuce, and avocados.”
All other broad food groups increased in price in the 12 months to March 2024. Price movements in order of their contribution, were:
- restaurant meals and ready-to-eat food prices – increased 6.4 percent
- grocery food prices – increased 1.7 percent
- non-alcoholic beverage prices – increased 4.3 percent
- meat, poultry, and fish prices – increased 0.2 percent.
“Visiting a café or restaurant, or getting takeaways was more expensive in March 2024,” Mitchell said.
Alcoholic beverages up 5.2 percent annually
Prices for alcoholic beverages were up 5.2 percent in March 2024 compared with March 2023, mostly driven by higher prices for beer, up 7.1 percent.
“The cost of buying a box of beer bought off license was 10 percent more expensive than a year ago, while a pint of beer at a bar or restaurant was 6 percent more expensive,” Mitchell said.
| Month ended | Beer |
| Mar-19 | 2 |
| Apr-19 | -0.6 |
| May-19 | 1.8 |
| Jun-19 | -0.7 |
| Jul-19 | 1 |
| Aug-19 | 2.4 |
| Sep-19 | 3.1 |
| Oct-19 | 2.8 |
| Nov-19 | 3.3 |
| Dec-19 | 1.6 |
| Jan-20 | 0.8 |
| Feb-20 | 1.1 |
| Mar-20 | 1.7 |
| Apr-20 | 3.6 |
| May-20 | 1.1 |
| Jun-20 | 1.1 |
| Jul-20 | 0.2 |
| Aug-20 | 0.2 |
| Sep-20 | 0.9 |
| Oct-20 | 2.7 |
| Nov-20 | 1.5 |
| Dec-20 | 2.8 |
| Jan-21 | 2.6 |
| Feb-21 | 2.5 |
| Mar-21 | 1.9 |
| Apr-21 | 1.1 |
| May-21 | 0.6 |
| Jun-21 | 1.2 |
| Jul-21 | 1.9 |
| Aug-21 | 1.9 |
| Sep-21 | 1.3 |
| Oct-21 | 0.4 |
| Nov-21 | 0.8 |
| Dec-21 | 1.9 |
| Jan-22 | 0.6 |
| Feb-22 | 1.9 |
| Mar-22 | 3.5 |
| Apr-22 | 2.6 |
| May-22 | 2.6 |
| Jun-22 | 3.5 |
| Jul-22 | 3.8 |
| Aug-22 | 4.5 |
| Sep-22 | 5.8 |
| Oct-22 | 4.7 |
| Nov-22 | 5.1 |
| Dec-22 | 4.3 |
| Jan-23 | 4.9 |
| Feb-23 | 4.2 |
| Mar-23 | 3.5 |
| Apr-23 | 5.5 |
| May-23 | 4.8 |
| Jun-23 | 5.6 |
| Jul-23 | 6.2 |
| Aug-23 | 6 |
| Sep-23 | 5 |
| Oct-23 | 5.8 |
| Nov-23 | 6 |
| Dec-23 | 5.8 |
| Jan-24 | 5.4 |
| Feb-24 | 5 |
| Mar-24 | 7.1 |
Food prices fall in March 2024
Monthly food prices fell 0.5 percent in March 2024 compared with February 2024.
| Month | Monthly percentage change |
| Mar-20 | 0.7 |
| Apr-20 | 1 |
| May-20 | -0.8 |
| Jun-20 | 0.5 |
| Jul-20 | 1.2 |
| Aug-20 | 0.7 |
| Sep-20 | -1 |
| Oct-20 | -0.7 |
| Nov-20 | -0.9 |
| Dec-20 | 0.1 |
| Jan-21 | 1.3 |
| Feb-21 | -0.9 |
| Mar-21 | 0 |
| Apr-21 | 1.1 |
| May-21 | 0.4 |
| Jun-21 | 1.4 |
| Jul-21 | 1.3 |
| Aug-21 | 0.3 |
| Sep-21 | 0.5 |
| Oct-21 | -0.9 |
| Nov-21 | -0.6 |
| Dec-21 | 0.6 |
| Jan-22 | 2.7 |
| Feb-22 | -0.1 |
| Mar-22 | 0.7 |
| Apr-22 | 0.1 |
| May-22 | 0.7 |
| Jun-22 | 1.2 |
| Jul-22 | 2.1 |
| Aug-22 | 1.1 |
| Sep-22 | 0.4 |
| Oct-22 | 0.8 |
| Nov-22 | 0 |
| Dec-22 | 1.1 |
| Jan-23 | 1.7 |
| Feb-23 | 1.5 |
| Mar-23 | 0.8 |
| Apr-23 | 0.5 |
| May-23 | 0.3 |
| Jun-23 | 1.6 |
| Jul-23 | -0.5 |
| Aug-23 | 0.5 |
| Sep-23 | -0.4 |
| Oct-23 | -0.9 |
| Nov-23 | -0.2 |
| Dec-23 | -0.1 |
| Jan-24 | 1.2 |
| Feb-24 | -0.6 |
| Mar-24 | -0.5 |
“Food prices have fallen in 7 of the last 12 months,” Mitchell said.
The biggest contributor to the monthly fall was the fruit and vegetables group, driven by cheaper prices for kūmara, apples, and grapes.
The meat, poultry, and fish group also contributed to lower food prices, driven by cheaper prices for lamb, beef steaks, and bacon.
