NZ Food Price Inflation Slows Sharply in July

New Zealand's food price index rose only 0.1% in July on a seasonally adjusted basis, marking a significant slowdown from the 0.6% increase seen in June.

The modest monthly gain reflects easing price pressures across most food categories, offering some relief to consumers and reinforcing expectations that the Reserve Bank of New Zealand (RBNZ) may hold interest rates steady in the coming months.

On an annual basis, food prices were 1.2% higher in July compared with the same month last year, down from a 2.4% annual increase in June.

The deceleration was broad-based, with grocery food prices rising only 0.2% month-on-month, while meat, poultry, and fish prices fell 0.5%.