Food prices were 10.1 percent higher in October 2022 compared with October 2021, Stats NZ said has announced, reaching a 14 year high.
“This was the highest annual increase since November 2008,” consumer prices senior manager, Nicola Growden said.
“Last month the annual increase was due to rises across all the broad food categories we measure.”
Compared with October 2021:
- grocery food prices increased by 9.7 percent
- fruit and vegetable prices increased by 17 percent
- restaurant meals and ready-to-eat food prices increased by 7.5 percent
- meat, poultry, and fish prices increased by 10 percent
- non-alcoholic beverage prices increased by 8.7 percent.
The Stats NZ information revealed that restaurant meals and ready-to-eat food prices increased by only 7.5 per cent in the past year, below the average food price increase.
“Restaurants are being hit by both labour and food price increases with more price hikes and wage increases pending.” says Marisa Bidois, CEO of the Restaurant Association.
“Restaurants are in the process of increasing prices. Some have already done so but others are taking a more cautious approach.
“Customers like certainty so businesses are trying to lock in food prices for the coming months to avoid fluctuations in pricing. This means working closely with suppliers and focused menu planning.
“Diners can expect to see reductions in the number of items on a menu and also some price increases
“It’s been a challenging couple of years and now hospitality venues need to recoup some of the lost revenue.
“With the cost of living going up, hospitality venues are trying as much as they can to keep pricing under control.
“The hospitality industry is not a duopoly so the competition makes it a very challenging playing field.”
