New Zealand is facing the largest annual spike in food prices in 13 years. According to new figures from Stats NZ, food prices had grown by 8.3% in August. This is the largest annual increase since the global financial crisis in July 2009, when food prices jumped up by 8.4%. Over the 13 years, tomatoes had increased by 162.2% – the biggest overall price jump. Inflation – driven by many factors, including the monetary response to Covid-19, global supply-chain issues, and Russia’s invasion of Ukraine – has sparked a cost of living crisis in New Zealand and is adding to the already high food prices.

Source: The Guardian September 14, 2022 04:48 UTC