May–July look-back: food inflation eased while monthly prices still rose
Stats NZ’s three releases show why a slowing annual inflation rate did not mean the food index fell each month.
Three reporting months, three later releases
Stats NZ reported that food prices rose 1.0% in May 2026, 0.6% in June and 0.1% in July, each compared with the previous month. The corresponding annual increases were 3.2%, 2.5% and 1.9%.
The releases appeared on 16 June, 17 July and 17 August respectively. This retrospective keeps the month measured separate from the date the figures were published.[1][2][3]
Slower inflation is different from falling prices
The annual rate eased across those three reports, but each monthly food-group change remained positive. Prices increasing more slowly is different from the index moving down.
An annual comparison also changes its reference month: May is compared with May a year earlier, June with June, and July with July. A lower annual rate does not by itself reveal what happened between the latest two months.[1][2][3]
Grocery food did not follow exactly the same path
The grocery food subgroup rose 1.0% in May and 0.4% in June, then fell 0.2% in July. The overall food group still rose 0.1% in July, showing why its headline and a subgroup can point in different directions.
The food group covers more than packaged supermarket groceries. A household’s mix of products can differ from the national index, so its spending need not move by the headline percentage.[1][2][3]
Use the history as context for today’s list
These releases have since been followed by later monthly data. They explain part of the 2026 price story rather than describing current shelf prices.
For a buying decision, compare the same products and pack sizes at stores you can use. Keep missing prices, substitutions and quantity changes visible instead of attributing every change in a basket total to inflation.[1][2][3]