Lower fruit and vegetable prices are welcome news for New Zealanders who have been doing it tough at the supermarket, Finance Minister Nicola Willis says.

Stats NZ reported today the price of fruit and vegetables has dropped 9.3 percent in the 12 months to February 2024.

“Lower fruit and vege prices are a step in the right direction for Kiwi families who have been pulling in their belts to cope with rising prices and rising pressures across the board.

“I know it can be a challenge to make weekly food budgets stretch. It’s good to see more stable prices coming back so people can start feeling more in control of their own finances.”

The lower prices for fresh produce underpin what is the smallest increase in food prices since May 2021 at 2.1 percent. This compares to the 12 percent increase in food prices in the previous 12 months to February 2023.

“Prices coming down is exactly what we want to see – inflation continues to be tracking down in the right direction.

“We’re focused on continuing to do our bit to keep inflation down. We’re making sure we're getting good value out of government spending, and not spending excessively which could put more fuel on the inflation fire,” Nicola Willis says.

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