For the y/y change:

  • In the year to June 2014, food prices increased 1.2%
  • Food prices are now at their highest level since they peaked in July 2011

From Statistics New Zealand:

  • “Food prices in June were influenced by seasonally higher prices for fresh vegetables and higher meat prices”

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Food prices are a volatile component of the CPI. The Reserve Bank of New Zealand will certainly pay heed to this data, but it isn’t a smoking gun locking in the next rate hike.