New Zealand sees highest annual food price increase in over 10 years

New Zealand's food prices were 7.6 percent higher in March 2022 compared with March 2021, the largest increase since the year ending in July 2011 when prices increased 7.9 percent, the country's statistics department Stats NZ said on Wednesday.

However, the last highest increase in the year ending in July 2011 was partly influenced by a goods and services tax increase from 12.5 percent to 15 percent in October 2010, Stats NZ said.

Food price increases were widespread in the year ending in March 2022 with increases in all categories.

"Average prices for vegetables like tomatoes, broccoli, iceberg lettuce, and cabbage were notably higher than they were in March 2020 and 2021," consumer prices manager Katrina Dewbery said in a statement, adding there were also higher prices for dairy products.

Monthly food prices rose 0.7 percent in March 2022 compared with February 2022, Dewbery said.