New figures from Stats NZ have revealed food prices increased by 2.1 percent in the 12 months to February.
This marks the smallest increase since May 2021, suggesting the cost-of-living crisis may finally be cooling.
More good news is food prices were lower in February than January, driven by cheaper costs for apples, kumara, and tomatoes. Other items that contributed to the monthly fall include boxed chocolates, yoghurt and lamb.
The 2.1 percent increase in the past year is "noticeably lower" than the 12 percent hike Kiwis experienced in the 12 months to February 2023, Stats NZ said.
Cheaper fruit and vegetables were the biggest driver of the lower increase, down 9.3 percent in the past 12 months. "Cheaper prices for fresh produce such as tomatoes, broccoli and lettuce drove the decrease in fruit and vegetable prices," Stats NZ consumer prices manager Will Bell said.
However, food prices among all over broad groups increased in the past 12 months.
Restaurant and ready-to-eat food prices saw the biggest increase, up 6.7 percent.
Grocery food prices increased 3.9 percent, despite the lower fruit and vegetable prices.
Non-alcoholic beverage prices increased 4.3 percent while meat, poultry and fish prices only went up by 0.2 percent.
