Which foods have become less affordable for New Zealanders?
Some essential food items have increased in price twice as fast as wages have risen over the past 10 years.
New Zealanders are facing rising food prices that have outpaced wage growth over the past decade. Basic essentials such as fish, lamb, chicken, bread, milk and bread have hit record prices. Stats NZ data shows that wages have risen by about 52 percent, while the cost of many food items has increased by more than 70 percent. Westpac economist Satish Ranchhod notes that while the current prices are already record-breaking, they are not surprising given the strong food-price inflation in recent years.
Economists attribute the price increases to strong global demand for protein, higher production costs due to fuel price hikes, and limited supply. While some signs of further price hikes may still be present, food price inflation has begun to slow to 1.9 percent, the lowest since 2024. Despite the increased costs, regions with strong export earnings may see higher incomes and spending power.
Written by urgent.news from RNZ Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
