Food prices increased 1.5% in 2024, Stats NZ data shows

Thursday, 16 January 2025

The price for a 500g block of butter has increased by about 50% since this time last year.

Food prices rose 1.5% in 2024, driven by hikes in butter, milk, and olive oil prices.

A 500g block of butter cost $6.66 on average in December 2024, up 50% from 2023.

Fruit and vegetable prices dropped 8%.

Food prices increased 1.5% throughout 2024 with butter, milk and olive oil taking a big hit.

Kōkiri Marae's vegetable garden part of solution to tackle supermarket prices and demand on its food hub.y

The annual increased followed a 1.3% increase in the 12 months to November 2024, according to Stats NZ.

Grocery food prices were up 2.7% in the year end to December 2024, which was due to higher prices for butter, a 2 litre bottle of milk and olive oil.

“The price for a 500g block of butter has increased by about 50% since this time last year, with an average price of $6.66,” prices and deflators spokesperson Nicola Growden said.

“The same-size block of butter had an average price of $4.48 in December 2023.”

Restaurant meals and ready-to-eat food prices were up 3.1% in the past year due to higher prices for lunch/brunch, hamburgers, and evening restaurant meals.

But it was not all bad news with fruit and vegetable prices dropping 8% in the past year which was driven by lower prices for kūmara, potatoes, and onions.

“Kūmara prices are around 60% lower in December 2024 than they were a year ago,” Growden said.

“In comparison, kūmara prices rose almost 260% in the year ended December 2023.”