Food prices in New Zealand increased 2.4 percent year-on-year in December of 2019, unchanged from the previous month. Prices slowed for the grocery food (0.8 percent vs 1.9 percent in November) and meat, poultry & fish (4.2 percent vs 4.7 percent). In contrast, prices increased at a faster pace for fruit & vegetables (3.6 percent vs 0.4 percent), non-alcoholic beverages (1.9 percent vs 1 percent), and restaurant meats & ready-to-go food (3.5 percent vs 3.3 percent). On a monthly basis, food prices declined 0.2 percent, after falling 0.7 percent in November. Food Inflation in New Zealand averaged 5.52 percent from 1961 until 2019, reaching an all time high of 25.20 percent in March of 1980 and a record low of -2 percent in June of 2010. source: Statistics New Zealand
Food Inflation in New Zealand is expected to be 2.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Food Inflation in New Zealand to stand at 1.60 in 12 months time. In the long-term, the New Zealand Food Inflation is projected to trend around 1.70 percent in 2020, according to our econometric models.