Westpac economists say the price of many things New Zealand households buy every day has risen faster than general inflation over the past 10 years, including butter, bread, mince, and even mince pies and chocolate.
Inflation as measured by the consumer price index (CPI) is up 38 percent since 2016.
But Westpac said some of the things you probably put in your trolley every week have risen much faster.
The average price for two litres of milk was up 57 percent over 10 years, from an average $3.27 in 2016 to $5.12 this year. In the middle of this year, Stats NZ called out milk as one of the items that was helping to push up food price inflation.
At the time, ASB senior economist Mark Smith said retail milk prices in New Zealand had a six- to nine-month lag from global market movements.
Breakfast biscuits – like Weetbix
Even a basic breakfast of Weetbix hasn’t been able to escape the price rise, although was not up as much as inflation. The average price of a 1.2kg pack of breakfast biscuits was up 27 percent from $6.73 to $8.58, Westpac said.
Olive oil has been one of the big price movers of recent years. Westpac said it was up 40 percent over 10 years, from $12.14 to $17.04. The increase has been blamed on weather and poor harvests.
Butter prices lifted 157 percent, from $3.28 for a 500g block in 2016 to $8.43, on average. Much of that increase has been in recent years, pushed up by global dairy prices.
For similar reasons, cheese has increased in price, too. Westpac said a kilogram of mild cheese became 75 percent more expensive, from $7.39 in 2016 to $12.95 in 2026.
A loaf of white bread increased in price by 120 percent over the decade. Global wheat prices have been part of the problem.
A can of tomatoes increased in price by 43 percent, from $1.12 in 2016 to $1.60 this year. Fresh tomatoes were up 30 percent. Crop failures have affected tomato prices, as well as rising costs for things like transport.
A kilogram of beef mince increased in price by 71 percent over 10 years, from $14.24 in 2016 to $24.41 now. A much smaller US cattle herd has been credited with pushing up prices around the world, including in New Zealand because we export mot of our beef.
The average price of a takeaway coffee has lifted 41 percent over 10 years, from $3.72 in 2016 to $5.24 this year. Coffee bean prices have increased quickly and many other input costs for cafes have also risen, such as milk, labour and rent.
Westpac said the average cost of a GP visit was up 50 percent, a dental exam 41 percent and a tank of 91 fuel for a mid-sized car 66 percent. A warrant of fitness was up 61 percent and a tank of diesel for a mid-sized SUV was up 141 percent. Rates and services were up 87 percent and building costs 72 percent.
What hasn’t risen so fast?
Westpac NZ managing director of product, sustainability and marketing Sarah Hearn said some items that were more “nice to have” than necessities, such as home furnishing, communications and cultural services such as TV subscriptions had much smaller prices rises.
Chicken breasts was up only 2 percent since 2016 and a 1.5kg bag of flour 13 percent.
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