Rent, food, and tobacco prices in New Zealand were higher in January 2024 than December 2023, according to figures released by Stats NZ today.
In January 2024 compared with December 2023:
- rental prices for new tenancies (the flow measure of rental prices) increased by 2.5 percent
- food prices increased by 0.9 percent
- cigarette and tobacco prices increased by 6.4 percent.
Regions in the South Island experience a rise in rental prices
In January 2024, rental prices for new tenancies rose 2.5 percent across all New Zealand. The Rest of South Island region – South Island excluding Canterbury – rose 1.7 percent. Rental prices for new tenancies in Canterbury rose 0.2 percent.
Food prices up monthly and annually
Monthly food prices also increased, up 0.9 percent in January 2024 compared with December 2023.
| Month | Monthly percentage change |
| Jan-20 | 2.1 |
| Feb-20 | 0 |
| 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 | 0.9 |
The biggest contributor to this rise was grocery food, driven by prices for boxed chocolates, 2 litre milk cartons, and fresh eggs (excluding free-range eggs). Other items that have contributed to the monthly rise include apples and legs of lamb.
“Food prices increased both monthly and annually,” consumer prices manager James Mitchell said.
“Food prices increased 4.0 percent in the year ended January 2024, however the annual change was the lowest reported since November 2021.”
Cigarettes and tobacco show a price increase following new excise duty
Cigarette and tobacco prices increased 6.4 percent in January 2024 compared with December 2023 and increased 10.3 percent in the year ended January 2024.
Stats NZ began publishing monthly price data for cigarettes and tobacco in November 2023. This data contributes to the quarterly consumers price index (CPI).
“Increases in cigarette and tobacco prices are usually seen in January when excise duties are applied,” Mitchell said. “The most recent large rise outside January was the 2.7 percent monthly rise in October 2023.”
| Month | Monthly percent change |
| Jan-20 | 11.1 |
| Feb-20 | 0.2 |
| Mar-20 | -0.4 |
| Apr-20 | -0.5 |
| May-20 | 0.2 |
| Jun-20 | 0 |
| Jul-20 | 0.2 |
| Aug-20 | 0 |
| Sep-20 | 0 |
| Oct-20 | 0.5 |
| Nov-20 | 0.2 |
| Dec-20 | 0 |
| Jan-21 | 2.6 |
| Feb-21 | 0.1 |
| Mar-21 | -0.1 |
| Apr-21 | -0.2 |
| May-21 | 0 |
| Jun-21 | 0 |
| Jul-21 | 0.1 |
| Aug-21 | 0 |
| Sep-21 | 0 |
| Oct-21 | -0.1 |
| Nov-21 | 0 |
| Dec-21 | 0 |
| Jan-22 | 4.1 |
| Feb-22 | 0.3 |
| Mar-22 | 0 |
| Apr-22 | 0 |
| May-22 | 0 |
| Jun-22 | 0 |
| Jul-22 | 0 |
| Aug-22 | 0 |
| Sep-22 | 0 |
| Oct-22 | 0.6 |
| Nov-22 | 0.1 |
| Dec-22 | 0.1 |
| Jan-23 | 7.5 |
| Feb-23 | 0 |
| Mar-23 | -0.1 |
| Apr-23 | 0 |
| May-23 | 0.1 |
| Jun-23 | 0.3 |
| Jul-23 | 0.3 |
| Aug-23 | 0.1 |
| Sep-23 | 0 |
| Oct-23 | 2.7 |
| Nov-23 | 0.3 |
| Dec-23 | -0.1 |
| Jan-24 | 6.4 |
