According to data from Stats NZ, New Zealand food prices were 6.8% higher in May than at the same time last year. The increase was across all food categories, including grocery, up 7.4% year-on-year, restaurant meals and ready-to-eat, up 6%, fruit and vegetables up 10%. After removing regular seasonal impacts, food prices rose 0.8%.
“Food price data shows New Zealanders pay too much for the basics and today’s figures provide more evidence of why we need to change the supermarket industry, and fast," Commerce and Consumer Affairs Minister David Clark says.
“Supermarkets currently earn $1 million a day in excess profit, that’s straight from the pockets of kiwi consumers and we have a plan to bring more completion and choice for New Zealanders,” David Clark said. “The government announced action against the supermarket duopoly two weeks ago and in that time we have made good progress.”
”I am reiterating my call on the supermarket duopoly to strike good-faith deals with their competitors to provide access to wholesale groceries, or regulatory measures will be put in place. The government is not afraid to unlock the stockroom door to ensure a competitive market if the supermarkets don’t get on and do it themselves quickly.”
“In any case, I aim to have a regulatory backstop finalised by the end of the year – but supermarkets would be well advised to organise their own agreements sooner.”
Source: beehive.govt.nz