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Food price inflation is starting to stabilise.
Latest figures from Stats NZ show the food price inflation is 5% – unchanged on a month ago.
Butter prices have risen 32% in a year, cheese is up 26%, while milk has increased by 16%.
Infometrics Principal Economist Brad Olsen told Ryan Bridge that while households are still seeing high costs, the pressure is coming through in a more contained fashion.
He says that when inflation was running rampant a few years ago, just about everything was impacted, but now it’s not.
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