ASB senior economist Mark Smith said shipping and freight costs had come down, as had global oil prices and therefore fuel prices. Here is a guide to where we could expect to see the most price movement this year. He said there was no chance of price reductions this year as a result, and there was a risk of further price hikes if any geopolitical global events were to occur. Fresh fruit and vegetable prices are tipped to climb even higher this year, despite seasonal produce such as courgettes and lemons already being at new high prices. Clothing and apparel: Prices likely to decreaseHigh oil prices had increased the cost of clothing, footwear and apparel but with the pressures now off, that was a good signal for retail prices, said Smith.

Source: Stuff January 16, 2023 00:21 UTC