Food Price Inflation

This shows annual food price inflation for NZ and four other countries for each three year period (2015 – 2017, 2018 – 2020, 2021 – 2023, 2024 – Jun 26).

In NZ food princes only increased 1.4% annually in the last term of the Key/English Government. Australia and US were slightly lower and UK and Canada quite a bit higher.

In Labour’s first term they increased 1.8%, which was higher than the UK and lower than Australia (just), US and Canada.

Labour’s second term saw annual food price increases of 7.3%. This was ,much higher than Australia, and quite bit more than Canada and US. UK was even higher.

In the 10 quarters since 2023, annual food price inflation has averaged 3%, marginally higher than the US at 2.9%, but below US, Australia and Canada.

This to me doesn’t suggest there is a specific problem in NZ with food prices.