Protein prices still hot

New Zealand’s food inflation cooled in March, but meat, poultry and fish stayed expensive enough to lead the annual increase. (stats.govt.nz) Stats NZ said food prices were up 3.4% in the 12 months to March 2026, down from 4.5% in February. Prices fell 0.6% from February to March. (stats.govt.nz) Inside that basket, meat, poultry and fish rose 7.3% from a year earlier, the fastest increase among the five food subgroups. The same category slipped 0.1% on the month, which was not enough to offset the annual run-up. (stats.govt.nz) The rest of the supermarket looked softer. Grocery food rose 1.2% from March 2025, fruit and vegetables rose 6.4%, non-alcoholic beverages rose 3.5%, and restaurant meals and ready-to-eat food rose 2.8%. (stats.govt.nz) Stats NZ’s food price index tracks what households pay across five groups: fruit and vegetables; meat, poultry and fish; grocery food; non-alcoholic beverages; and restaurant meals and ready-to-eat food. Food is also part of the broader Consumers Price Index, New Zealand’s main inflation gauge. (stats.govt.nz) That matters with the March-quarter Consumers Price Index due on April 21, 2026. The Reserve Bank of New Zealand said the annual CPI rate was 3.1% in the December 2025 quarter, near the top of its 1% to 3% target band. (stats.govt.nz; rbnz.govt.nz) The pressure in protein has been building for months. In February, meat, poultry and fish were up 7.5% from a year earlier, and RNZ reported beef mince hit an average NZ$24.46 a kilogram, up 23.2%, the biggest annual increase since that series began in June 2006. (tradingeconomics.com; rnz.co.nz) Economists told RNZ that stronger export beef prices and tight global supply were feeding into local supermarket prices. BNZ chief economist Mike Jones said United States cattle numbers were at their lowest level since 1951, while Infometrics said beef sale-yard prices had risen 71% since March 2024 and lamb prices 85%. (rnz.co.nz) March’s numbers show the squeeze easing in headline food inflation, but not yet at the meat counter. For New Zealand shoppers, the broad basket got cooler while animal protein stayed hot. (stats.govt.nz)