Food prices in New Zealand fell by 0.3 percent in the 12 months to June 2024, marking the first annual decrease since August 2018, according to Stats NZ.

"The decrease for food prices was driven by lower prices for tomatoes, cheese, and potatoes," said James Mitchell, consumer prices manager at Stats NZ.

Fruit and vegetable prices saw a significant decline of 16.1 percent, the largest recorded decrease since the series began.

Meat, poultry, and fish prices also fell by 1.4 percent.

Despite these declines, other food categories experienced price increases.

Restaurant meals and ready-to-eat food rose by 4.0 percent, grocery food by 2.3 percent, and non-alcoholic beverages by 4.3 percent.

"While food prices were cheaper in June 2024 than they were in June 2023, 11 of the past 12 months have actually had cheaper food prices than in June 2024," Mitchell noted.

Although overall food prices dropped, some items continued to rise.

The price of olive oil, for example, surged by 49.5 percent to $19.99 per litre.

The overall food price level remains the third highest since records began in 1961.

Prices increased by 1.0 percent from May to June 2024, underscoring ongoing volatility in the food market.