February 17, 2020

Meat, poultry price hikes contribute to NZ's highest annual food price rise since Sept. 2011

Meat, poultry and fish prices in New Zealand increased 6% in the year ended January 2020, contributing to a 3.5% increase in food prices during the period, according to Statistics New Zealand (Stats NZ). It was the largest annual rise in food prices in over eight years.

"Both beef mince and blade steak prices reached all-time highs in January, while bacon and lamb prices have increased sharply in the past 12 months", Stats NZ'sconsumer prices manager Sarah Johnson said, adding that decreased pork production in China in 2019 has increased export demand for New Zealand meat products, pushing prices up.

Significant meat price increases include:

Bacon-up 21% to a weighted average price of NZ$13.08 (US$8.41) per 700 grams

Beef mince-up 13% to a weighted average price of NZ$17.07 (US$11) per kilogram

Lamb chops-up 14% to a weighted average price of NZ$18.07 (US$11.62)/kg

Blade steak-up 8.2% to a weighted average price of NZ$20.64 (US$13.27)/kg

"While prices for red and processed meats have increased, prices for poultry have remained relatively flat, decreasing 0.2 percent in the year to January," Mrs Johnson said.

Prices for fish and other seafood also saw a modest increase, up 4.1% in the year ended January.

The overall annual increase in food prices is the largest since September 2011, when prices increased 4.7%.