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New Zealand food prices drop 0.9% in October 2023, impacting Inflation
New Zealand Food Price Index (FPI) fell 0.9% m/m in October 2023. • Prior -0.4%. • For the y/y +7.1%. Food prices make up nearly 19% of the NZ consumer price index, and thus the FPI is an important indicator of inflation in the country. --- The Index is a measure of the changes in the average price of food items sold in New Zealand. • Calculated and published monthly by Statistics New Zealand the FPI tracks the prices of a basket of food items that represent the typical spending patterns of New Zealand households.