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Financial News: New Zealand Food Price Inflation Weakest Since 2021

New Zealand Food Price Inflation Weakest Since 2021

03/13/2024 - 01:15:00 (RTTNews)

(RTTNews) - New Zealand food prices increased at the slowest pace since May 2021 due to cheaper fruits and vegetable prices, data released by Stats NZ showed on Wednesday.

Food prices grew 2.1 percent on a yearly basis in February, following January's 4.2 percent increase. This was the softest rise since May 2021.

"Cheaper prices for fresh produce such as tomatoes, broccoli, and lettuce drove the decrease in fruit and vegetable prices," Stats NZ consumer prices manager Will Bell said.

"Going out for a meal or grabbing takeaways was more expensive in February 2024," added Bell.

Month-on-month, food prices dropped 0.6 percent, in contrast to the 1.2 percent increase in January.

Fruits and vegetable prices decreased 9.3 percent from the previous year. Meanwhile, all other broad food groups increased in February.

Data showed that cost of international accommodation surged 24.5 percent and that of domestic accommodation gained 6.1 percent.

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