Photo: Public domain
Food prices rose 4 percent over 2025, Stats NZ, says, and the price of a loaf of bread lifted almost 60 percent.
It has released the latest food price data, which shows that the annual rate of inflation slowed slightly in December, down from 4.4 percent in the 12 months to November.
Milk was up 15.8 percent over the year, to $4.92 per two litres for the cheapest option available. Beef steak was up 21.7 percent, and white bread up 58.3 percent.
Olive oil prices slumped, and were 23.4 percent lower in December than in March.
Simplicity chief economist Shamubeel Eaqub said the bread price increase had been happening for some time.
"Bread prices have been increasing for the last year, quite sharply.
"For a long time, bread was a loss leader for supermarkets. Because the cost of inputs, particularly wheat, has increased so much we're now seeing the dam breaking and the price of bread increasing at the supermarket aisles."
He said global wheat prices indicated there was probably still pressure. "It's the broader story of the cost of basics and necessities have gone up a lot."
Stats NZ spokesperson Nicola Growden said seasonal falls also helped to reduce the price of lettuce, cucumber and avocado.
For the month, soft drink prices were down 11.2 percent, lamb was down 27.4 percent, apples up 15.8 percent and onions up 38.2 percent.
BNZ chief economist Mike Jones said overall the data showed a slowing in food price inflation.
"This was the fourth consecutive month in which we saw food price inflation coming down. I think that will be well received by households that are clearly still under pressure from higher costs."
The data also showed electricity and gas prices were up by 1.5 percent and 1.9 percent, respectively in the month to December.
Since December 2021, power prices had risen 27.3 percent and gas 56 percent.
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