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Annual Food Price Inflation Slows To 0.7 Percent

Food prices increased 0.7 percent in the 12 months to March 2024, the smallest increase since April 2021, according to figures released by Stats NZ today.

The 0.7 percent increase followed a 2.1 percent increase in the 12 months to February 2024, and is lower than the 12.1 percent increase recorded in the 12 months to March 2023.

The smaller annual increase was due to cheaper prices for fruit and vegetables, down 13.3 percent in the 12 months to March 2024.

“The annual decrease in fruit and vegetable prices was the largest recorded since the series began in 1999,” consumer prices manager James Mitchell said.

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