Latest news with #NicolaGrowden
Scoop
20-07-2025
- Business
- Scoop
Annual Inflation At 2.7 Percent In June 2025
Aotearoa New Zealand's consumers price index (CPI) increased 2.7 percent in the 12 months to the June 2025 quarter, according to figures released by Stats NZ today. The 2.7 percent increase follows a 2.5 percent annual increase in the 12 months to the March 2025 quarter. 'Although the annual inflation rate increased from the March 2025 quarter, it remains within the Reserve Bank of New Zealand's target band of 1 to 3 percent – the fourth consecutive quarter it has done so,' prices and deflators spokesperson Nicola Growden said. The largest upwards contributor to the annual inflation rate was local authority rates and payments, up 12.2 percent. Rates contributed 13 percent of the 2.7 percent annual increase. Visit our website to read this news story and information release and to download CSV files:
Agriland
18-07-2025
- Business
- Agriland
Dairy prices soar by 46% across New Zealand
With tight supply and demand margins over the last few months, the New Zealand government body, Stats NZ are reporting that prices in the country for dairy products such as butter have increased by up to 46% in 12 months. Overall, food prices increased 4.6% in shops across the 12 months to June 2025, according to figures released by Stats NZ. The price increase for the grocery food group was due to higher prices for milk, butter, and cheese. Nicola Growden, a spokesperson for Stats NZ said: 'Dairy products continue to drive the higher cost in food prices.' Growden highlighted how butter prices have increased by approximately NZ€5.00 in the last decade, a 120% rise. Stats NZ outlined how butter prices are currently NZ$8.60/500g(€4.41). The government body added that cheese has experienced a 30% rise in the last year, reaching NZ$13.04/kg (€6.69). Milk has also climbed 14.3% in the 12 months, with consumers paying NZ$4.57 for 2 litres of milk in the shop (€2.34). Consumers are also paying more in the shop for products such as meat and poultry, with 1kg of mince now costing NZ$21.73 (€11.14) on average, up from NZ$18.80 (€9.64) in June 2024. Fonterra As calving is currently underway on most dairy farms in New Zealand, the farmer-owned Fonterra group are forecasting a milk price of NZ$10.00/kg of milk solids (MS). This will fall into an NZ$8.00-$11.00/kg/MS price range. In June, Fonterra announced a profit after tax of NZ$1.158 billion in the third quarter (Q3) of the financial year, up NZ$119 million or 11% on this time last year. As New Zealand and Fonterra are the largest dairy exporters in the world, more pressure on domestic supply and demand may be experienced in the wake of the government settling its Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) quota dispute with Canada. This may lead to increased exports in dairy produce from New Zealand.
RNZ News
17-07-2025
- Business
- RNZ News
Pricey butter pulling up food bills - but there may be some relief in sight
Photo: Sorin Gheorghita for Unsplash The price of a block of butter is now 120 percent higher than it was 10 years ago, and increases in dairy prices in general helped pull up food prices in June, Stats NZ says. It said food prices lifted 4.6 percent in the 12 months to June 2025. Stats NZ spokesperson Nicola Growden said dairy prices were a continued driver of the increase. Milk was up 14.3 percent for the year, to $4.57 for two litres, butter was up 46.5 percent to $8.60 for a 500g block, and cheese was up 30 percent to $13.04 for a 1kg block. "Butter prices are nearly five dollars more expensive than 10 years ago, an increase of over 120 percent," Growden said. There were also significant increases in the price of meat, poultry and fish. "The average cost for 1kg of beef mince was $21.73 in June 2025, up from $18.80 a year ago," Growden said. Food prices rose 1.2 percent in the month. More expensive tomatoes, capsicum, and broccoli drove the increase for fruit and vegetables, while higher prices for boxed chocolates and eggs drove the increase for grocery foods. Gareth Kiernan, chief forecaster at Infometrics, said there were signs that the increases in dairy could soon level off. There have been recent falls at dairy trade auctions and forecasts of increased supply out of Europe. "You may see those prices stabilise rather than trending upwards." He said beef prices in general were quite strong and lamb prices had been pushing up after being low in late 2023 and early 2024. "There is some strong upward momentum there, which I think is a reflection of just less international supply across both of those." Kiwibank economist Sabrina Delgado agreed the near-term picture was for prices to stablise rather than fall. "While recent global dairy trade auctions have shown some downward movements, prices remain at historically elevated levels. And farmgate forecasts are still firm between $8.00 and $11.00 per kgMS for the new season. "However, with downside risks dominating the global environment and the projected global slowdown unfolding, we do expect commodity prices to come under pressure. In the medium term, we expect weak global demand to exert downward pressure on all commodity prices, including dairy prices." Westpac senior economist Michael Gordon said dairy prices had caught up with the rise in global prices earlier in the year. "There is typically a few months' lag before we see the impact on local shelves. "World dairy prices have come off a little in the last two months but not by a huge amount, it's within the normal range of variability." Kiernan said he did not think the Reserve Bank would be too concerned about the prospect of pressure on prices adding to wider inflation. "They can't do anything about international commodity prices, right? I don't think they're going to lose sleep over what dairy and meat prices are doing from an inflation perspective. "They'll probably be happy in the sense that the positive effects of these price rises on export incomes will help the economic recovery we've been holding out for over the next 12 to 18 months… maybe if anything it adds weight to the fact they don't need to cut interest rates too much more from here but it's probably more of a growth story than an inflation one in general." Westpac's economists said they expected annual inflation to come in slightly higher than the Reserve Bank forecast but it had made comments recently that indicated it might already be braced for that. At ANZ, senior economist Miles Workman said it would take a "sizeable" surprise in the next inflation data to stop the Reserve Bank from cutting the official ash rate in August. He said with food price inflation elevated and electricity inflation at its highest level in 20 years, many households would feel a cost-of-living squeeze even when inflation was within the Reserve Bank's target band. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
1News
17-07-2025
- Business
- 1News
Milk, butter, beef helps drive food price increase
Food prices continue to increase, with milk, butter and beef mince and steak contributing to the rise, according to new numbers from Stats NZ. Food prices increased 4.6% in the 12 months to June 2025. It followed a 4.4% increase in the 12 months to May. Higher prices for grocery items (up 4.7%) and meat, poultry, and fish products (up 6.4%) contributed most to the increase. The increase in grocery prices was driven by higher prices for milk, butter and cheese. 'Dairy products continue to drive the higher cost in food prices,' Stats NZ prices and deflators spokesperson Nicola Growden said. ADVERTISEMENT In the 12 months to June, milk was up 14.3% annually at $4.57 per two litres, butter was up 46.5% annually at $8.60 per 500 grams, and cheese was up 30% annually at $13.04 per 1 kilogram block. 'Butter prices are nearly five dollars more expensive than 10 years ago, an increase of over 120%,' Growden said. The increase in the meat, poultry, and fish group was pushed by higher prices for beef steak (up 22.3%) and beef mince (up 15.6%). Growden said the average cost for 1kg of beef mince was $21.73 in June, up from $18.80 a year ago. The morning's headlines in 90 seconds, including an Auckland teen seriously ill in Vietnam, Trump slams supporters, and Icelandic volcano prompts evacuations. (Source: 1News) Food prices up monthly Compared to May of this year, food prices in June increased by 1.2%. This followed a 0.5% rise in May 2025 compared to April. ADVERTISEMENT Higher prices for fruit and vegetables (up 5%) and grocery items (up 0.8%) drove the increase. "More expensive tomatoes, capsicum, and broccoli drove the increase for fruit and vegetables, while higher prices for boxed chocolates and eggs drove the increase for grocery foods," Stats NZ said. Rents also experienced an annual increase Alongside numbers on food prices, Stats NZ also released data on rent prices. Rents increased 2.6% in the 12 months to June 2025. This followed a 2.8% increase in the 12 months to May 2025. The increase was the second lowest since October 2011, when rent prices increased 2.5%.
Scoop
16-07-2025
- Business
- Scoop
Food Prices Increase 4.6 Percent Annually
Food prices increased 4.6 percent in the 12 months to June 2025, following a 4.4 percent increase in the 12 months to May 2025, according to figures released by Stats NZ today. Higher prices for the grocery food group and the meat, poultry, and fish group contributed most to the annual increase in food prices, up 4.7 percent and 6.4 percent, respectively. The price increase for the grocery food group was due to higher prices for milk, butter, and cheese. 'Dairy products continue to drive the higher cost in food prices,' prices and deflators spokesperson Nicola Growden said. Visit our website to read this news story and information release and to download CSV files:
