The continuing rise in food prices remains a concern, though there are indications the rate of increase is slowing, says NZFGC.

Chief Executive Raewyn Bleakley was responding to Interest.co.nz after Stats NZ reported grocery food prices increased by 12.7% in May compared to the same month in 2022. Fruit and vegetable prices increased by 18.4%, and meat, poultry, and fish prices by 11.7%.

“The cost of living crisis makes a competitive environment for suppliers even tighter, and suppliers are absorbing costs to stay affordable to consumers,” Raewyn Bleakley said.

“Fresh produce remains a concern, though that is mainly a result of the slow growing season coming hard on the heels of the bad weather events and a very wet autumn.

“I note that research by Sense Partners, using Stats NZ data, shows price inflation is not caused by inflated profits, rather by input prices, such as ingredients, fuel, and the cost of doing business. It’s clear that once those factors are brought under control – and some of it is imported – we are likely to see a general easing in food price rises in line with the overall inflation rate.”

Read the full report on Interest.co.nz