Grocery prices rose by 2.7%, the latest data release from Stats NZ has revealed. This rise is largely attributed to higher costs for essential items such as butter, standard 2-litre milk bottles, and olive oil.
The price of a 500-gram block of butter has surged by approximately 50%, reaching an average price of $6.66. This is a major increase from the previous year’s average of $4.48.
In a recent statement, Stats NZ spokesperson Nicola Growden highlighted that while food prices have generally risen, the increases have been partially mitigated by a notable decline in the prices of fruit and vegetables, which have decreased by 8% annually.
“Fruit and vegetable prices were driven by lower prices for kūmara, potatoes, and onions,” Growden said.
Kūmara prices have plummeted by approximately 60% in December 2024 compared to the same month last year.
“In comparison, kūmara prices rose almost 260% in the year ended December 2023,” she added.
The prices of restaurant meals and ready-to-eat foods increased by 3.1%. This rise can be attributed to higher costs for lunch and brunch items, hamburgers, and evening meals at restaurants.
Meanwhile, tobacco prices increased by 7.5% and alcoholic beverages rose 2.6%.
For petrol, Stats NZ saw a 4.1% decrease over the past year, while diesel prices had a more significant drop of 11.5%.
Other prices monitored by Stats NZ will account for 6.4% of the Consumer Price Index (CPI) for the December quarter, which is set to be released on January 22.