Food prices and power bills are climbing again after a brief period of stability. Dylan Smits reports<\/p>\n
Retiree Diana Hobson enjoys doing her weekly grocery shop at Pak\u2019nSave on Moorhouse Ave, but it has become increasingly difficult to fill her trolley with everything she needs and stay within her budget.<\/p>\n
\u201cYou need to pick and choose a bit, I guess, and just be a bit frugal,\u201d she said.<\/p>\n
Since she retired about a year ago, Hobson has been living off her pension and savings. She now looks at price tags closely and keeps a sharp eye on specials.<\/p>\n
\u201cI can\u2019t be spending much more than $120 on my weekly shop and even that feels like quite a bit when you\u2019ve got so many other bills.\u201d<\/p>\n
She now buys meat and vegetables in much smaller quantities.<\/p>\n
Petrol and housing costs \u2013 including insurance and rates \u2013 also take up a significant share of her budget, making it hard to save.<\/p>\n
Last year\u2019s food price data showed some promising signs.<\/p>\n
Prices decreased 0.3% in the year to June 2024 \u2013 the only monthly drop in the past five years \u2013 hinting that inflation and the cost-of-living crisis might finally be easing.<\/p>\n
But since then, year-on-year increases have continued to climb, reaching 5% in August and 4.7% last month.<\/p>\n
Grocery food prices \u2013 up 4.9% year-on-year last month \u2013 contributed the most to the overall increase in food costs. Meat, poultry, and fish followed, rising 7.6% annually.<\/p>\n
The average price for milk was $4.78 for 2 litres, up 13.5% annually. Instant coffee was $7.88 per 100 grams, up 25.5%. The average price for a 1kg block of cheese is $12.71, up 30.1%, and a dozen fresh eggs costs $9.88, up 18.5%.<\/p>\n
Power bills have also risen, from 30c per kilowatt-hour in May 2020 to 35c\/kWh this past May \u2013 a 16.7% increase.<\/p>\n
The Electricity Authority estimates the average monthly household power bill in Central Canterbury (Selwyn and Christchurch) is now $227.<\/p>\n
Much of the recent rise has occurred over the past 18 months, with prices jumping from 31.6c\/kWh to 35.7c\/ kWh in the year to August.<\/p>\n
A significant contributor to the rise in consumer electricity prices was an April decision by the Commerce Commission to raise the maximum revenue lines companies are allowed to earn to nearly $6 billion.<\/p>\n
The revenue decision was made to allow the lines companies to pay for much-needed upgrades to transmission infrastructure and has added an estimated $10-$25 a month to the average power bill nationwide.<\/p>\n
Renters are also feeling the cost-of-living pressure.<\/p>\n
While rents have fallen in other major cities, Christchurch continues to see increases across all urban property types \u2013 up 1% overall and 2% for apartments and small units.<\/p>\n
The median rent in the city is now about $550, but overall, rent prices in Christchurch are still cheaper than Auckland and Wellington.<\/p>\n
Nationally, the median rent fell to $610 in October \u2013 a $10 drop\u00a0from September and a 4% decline compared to October last year.<\/p>\n","protected":false},"excerpt":{"rendered":"Food prices and power bills are climbing again after a brief period of stability. Dylan Smits reports Retiree…\n","protected":false},"author":2,"featured_media":162412,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[138,219,111,139,69],"class_list":["post-162411","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/162411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=162411"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/162411\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/162412"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=162411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=162411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=162411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}