13 Mar 2024

Food price inflation slows to lowest level in more than two years

12:17 pm on 13 March 2024
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Photo: RNZ / Richard Tindiller

Food price inflation has slowed to its lowest level in more than two years.

Stats NZ said fruit and vegetables drove a 0.6 percent drop in the food price index last month, with small drops in meat and groceries.

The annual rate of food inflation slowed to 2.1 percent, the smallest rise since May 2021.

Cheaper fresh produce was the main influence on the annual figures, offset by more expensive takeaway and restaurant meals, as well as groceries.

Petrol, domestic airfares, rents, commercial accommodation, and tobacco and alcohol showed solid rises last month and annually.

The data covers just under half of the consumer price index.

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