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”
–
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.