The New Zealand Food Price Index rebounded to 0.9% MoM in January, tipping into a six-month high but remains well below the previous peak of 1.6% in July of 2023.

Stats NZ noted that the key drivers of recent inflationary pressures were rent increases, following by food prices and tobacco products.

The greatest contributor to increasing food prices came from grocery food items, driven by chocolate, dairy, and egg prices. New Zealand food prices rose both MoM and on an annualized basis