Petrol and diesel prices see monthly drop, two years of non-stop milk price hikes
New Zealand's Selected Price Indexes show a monthly decrease in petrol and diesel prices for June, despite significant annual increases. Conversely, food prices continue to rise, with milk prices having increased every month for the past two years.
Why it matters
This data highlights the ongoing struggle with cost-of-living pressures and inflation, specifically regarding essential goods like food and fuel.
Although fuel prices remained high in June, petrol and diesel prices have seen a monthly decrease, according to Statistics New Zealand’s latest Selected Price Indexes (SPI) figures.
Released on Friday, the latest SPI shows from May to June, petrol prices were down 4.2% while diesel prices decreased 12.1%.
This latest monthly decrease follows a slight drop in May , following two months of rises in March and April - driven by conflict in the Middle East, which has impacted fuel supply and caused major supply disruption in the history of the global oil market.
The SPI is a monthly series featuring about 47% of the contributors to the quarterly Consumers Price Index (CPI) - New Zealand's official measure of inflation. The SPI also includes monthly data on things like food, alcoholic beverages and tobacco, rental housing, utilities, transport and accommodation services.
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