{"id":333360,"date":"2026-03-17T04:13:08","date_gmt":"2026-03-17T04:13:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/333360\/"},"modified":"2026-03-17T04:13:08","modified_gmt":"2026-03-17T04:13:08","slug":"beef-mince-and-steak-prices-surge-as-annual-food-costs-climb-4-5","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/333360\/","title":{"rendered":"Beef mince and steak prices surge as annual food costs climb 4.5%"},"content":{"rendered":"
The average price for a beef porterhouse\/sirloin steak was $44.71 per kilogram (previously $36.80), up 21.5% annually.<\/p>\n
Stats NZ prices and deflators spokesperson Nicola Growden said the average price per kilogram of beef mince is now $4.60 more than the same period in 2025, at $24.46 per kilogram.<\/p>\n
\u201cThis is the largest annual price increase in beef mince prices since the series began in June 2006,\u201d Growden said.<\/p>\n
The fruit and vegetable subcategory was the next largest contributor, with prices up 9.4% annually but down 0.8% monthly.<\/p>\n
Prices for grocery food were also up annually by 2.9%, although they fell 0.4% on a monthly basis.<\/p>\n
Growden said snacks including potato crisps, sweets and chocolate biscuits had decreased over the past 12 months.<\/p>\n
\u201cBoxed chocolates were $3.82 cheaper this month than January 2026. There is often a price decrease in February that coincides with Valentine\u2019s Day.\u201d<\/p>\n
Prices for restaurant meals and ready-to-eat food increased on an annual and monthly basis, up 2.7% and 0.3% respectively.<\/p>\n
Non-alcoholic beverage prices also increased both annually and monthly, up 4.9% and 0.5% respectively.<\/p>\n
Alcohol up, rent down<\/p>\n
Prices for alcohol, cigarettes and tobacco grew on an annual and monthly basis in February.<\/p>\n
The alcoholic beverages subcategory increased by 0.2% annually and 0.1% monthly, while the cigarettes and tobacco subcategory increased 5.8% annually and 0.3% monthly.<\/p>\n
Existing rent prices, known as the stock measure of rental property, increased by 0.9% annually but fell on a monthly basis by 0.1%.<\/p>\n
The flow measure, which indicates prices for new rentals or tenancies in the market, was down 2.1% on an annual basis and down 7.8% on a monthly basis.<\/p>\n
Electricity and gas prices continued to rise, however; with prices for electricity up 13.2% annually and 1.6% monthly.<\/p>\n
Prices for gas increased by 13.1% annually and 0.2% monthly.<\/p>\n
Transport mixed<\/p>\n
Before the Iran conflict broke out, petrol and diesel prices were decreasing in New Zealand, with both fuel types falling on a monthly basis by 1.4%.<\/p>\n
On an annual basis, prices for petrol were down 6% and diesel down 6.2%.<\/p>\n
Domestic air transport prices were up significantly, rising 10.6% on an annual basis and 12.8% monthly.<\/p>\n
Growden said it was the largest annual increase in domestic airfares in a February month since 2023.<\/p>\n
International air transport prices, meanwhile, were up 1.8% annually but decreased on a monthly basis by 16.4%.<\/p>\n
As for accommodation, domestic prices were up 8.3% on an annual basis and 3.4% on a monthly basis, while international accommodation prices were up 6% annually and 10.2% on a monthly basis.<\/p>\n
January correction<\/p>\n
Alongside the data, Stats NZ issued a correction to its January 2026 release, revising the stated monthly food price increase down from 2.5% to 2.1%.<\/p>\n
On an annual basis, this was a revision down from 4.6% to 4.2%.<\/p>\n
The error occurred because the January 2026 food price index calculations did not include all the supermarket scanner data for the month. <\/p>\n
Specifically, for one supermarket data provider only 18 of the 31 days were included. This was due to human error.<\/p>\n
Government statistician and Stats NZ chief executive Colin Lynch said the organisation was acutely aware of the importance of robust indicators, and apologised to customers for the error.<\/p>\n
\u201cThe reliability of economic statistics is something Stats NZ takes very seriously. The people of New Zealand must be able to have confidence in our data and insights.\u201d<\/p>\n
A review into the error is underway, but the error does not impact the upcoming quarterly inflation calculation.<\/p>\n
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.<\/p>\n