Food prices storming higher

(Image: Getty)

Tue, 14 Jun 2022

New Zealanders felt more pain at the checkout as food price inflation showed no sign of abating in May despite trumpeted efforts by supermarkets to slow down price increases.A 10% annual lift in fruit and vegetable prices and a 7% jump in meat, poultry and fish prices, saw annual food price inflation hit 6.8% in May. That pace prompted ASB economist Mark Smith to speculate the Reserve Bank may have to raise interest rates even faster. "Average prices for grocery food items like yoghurt, milk, and cheese were all notably higher than th...

Unlock all stories free for 10 days

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

We won’t charge for 10 days. You can cancel anytime with two clicks, an email or a phone call. Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].interval) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

You will be charged in 10 days unless you cancel beforehand.
We will remind you three times before charging you.
All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Economy

Weak red meat prices drop ANZCO Foods' profit nearly 60%

But, unlike other major processors, it still managed to turn a profit.

Riley Kennedy 12:27pm

Retail

'Spectacular': Briscoe's Rod Duke rapt with 1Q sales result

Unaudited group sales grew 1.03% amid tough trading conditions.

Gregor Thompson 11:50am

'Spectacular': Briscoe's Rod Duke rapt with 1Q sales result

Economy

ANZ increases cash profit as net interest margins get squeezed

ANZ New Zealand has reported a 4% increase in its half-yearly profit despite pressure squeezing its margins.The bank's cash profit increased to $1.15 billion in the six months to March, up from $1.1b in the same period last year, but stable compared to the second half of its...

Riley Kennedy 10:50am