Food prices fell last month in a dramatic change of tack after months of unrelenting price increases. Stats NZ says prices fell 1.1% in July. Compared with June, fruit and vegetables prices fell 4.1% and overall grocery food prices were down 0.2%. The latest food price index shows meat, poultry, and fish prices fell 0.3% in the month – only the third time since December 2021 that monthly prices have fallen, compared to price increases for 17 calendar months since then. It is thought the Reserve Bank may take the Food Price Index as a sign some inflationary pressures are easing. Meanwhile the annual food price index is still well above average wage increases for the past year. Stats NZ says grocery food prices recorded the highest annual jump, rising 11.9% with meat, poultry, and fish prices increasing 9.3%.
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