Seasonal and global factors are playing into our food prices

Seasonal and global factors are playing into our food prices

14 November 2024
October Stats NZ figures show food went up 1.2 percent annually - but fell point-nine percent from September to October.

ASB senior economist, Mark Smith, says global food price weakness tend to lag about nine-months - with impacts being felt now.

He says there's also been a fairly sluggish backdrop constraining local food inflation - and a lot of competition for consumer dollars.

Smith says the monthly fall was offset by higher seasonal accommodation and air fares - which should also drop over the next year.

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