The 0.7 percent increase followed a 2.1-percent increase in the 12 months to February 2024, and is lower than the 12.1 percent increase recorded in the 12 months to March 2023, Stats NZ said.
The smaller annual increase was due to cheaper prices for fruit and vegetables, down 13.3 percent in the 12 months to March 2024, driven by cheaper prices for tomatoes, lettuce and avocados, it said.
"The annual decrease in fruit and vegetable prices was the largest recorded since the series began in 1999," Stats NZ consumer prices manager James Mitchell said.
In the 12 months to March 2024, restaurant meals and ready-to-eat food prices increased 6.4 percent; grocery food prices increased 1.7 percent; non-alcoholic beverage prices increased 4.3 percent; and meat, poultry, and fish prices increased 0.2 percent, Mitchell said.
"Visiting a cafe or restaurant, or getting takeaways was more expensive in March 2024," he said, adding that prices for alcoholic beverages were up 5.2 percent in March 2024 compared with March 2023, mostly driven by higher prices for beer, up 7.1 percent.
Monthly food prices fell 0.5 percent in March 2024 compared with February 2024, having fallen in seven of the last 12 months, driven by cheaper prices for kumara, apples and grapes, as well as lamb, beef steaks, and bacon, Mitchell said.
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