Food inflation has eased to the lowest level since September 2018, according to new data.
A report by Stats NZ says food prices fell 0.2 percent in May on the month before, to be 0.2 percent higher than a year ago - the lowest annual increase in over five years.
Devon Funds Management Head of Retail Greg Smith says this comes as petrol prices are also dropping, but consumers shouldn't get too excited yet.
"They're still more than they were a year ago, petrol and diesel's 50 percent more expensive than pre-Covid."
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Speaker 1 (00:00):
From Devin Funds Management at Greg Smith is with us
this Monday, Monding Morning.
Speaker 2 (00:03):
Mate, Morning, Mike.
Speaker 1 (00:05):
Now, food inflation. I like those numbers. It's almost like
at used to.
Speaker 2 (00:09):
Exactly got some good news. So yes, that's usually report
that food prices increased justo point two percent in the
twelve months to May. It's actually the smallest increase in
ten twenty eight. And see quite right that increases a
quarter of that scene in April due to cheaper prices
of fruit and vengies of down eleven percent meat, poultry, fish,
she recorded their an annual decrease for the first time
(00:29):
in over three years, and may have groups of high
in price but just less so. Restaurant meals and ready
to eat food prices almost five percent are still pretty high,
but growthy prices are coming down increases just one point
three percent. Good news for cheese lovers, Mike. Prices are
at five year low, so you get it one kg
block for just over ten bucks down to thirteen bucks
sixteen May twenty twenty three. Look at a monthly basis,
(00:52):
most items have also fallen overll food prices down point
two percent in May. On April, cheaper yogurt crisps that
up drive grocery prices and also fruit and vegi's. We've
got prices of mandarins, potatoes and apples. And it's not
only food prices that are coming down, Mike, Petrol prices
they also fell in makes that petre and diesel we
both down around three percent. Still, get before we get
(01:14):
too happy. They ever still when they were a year ago,
and Petchuan diesels fifty percent more expensive than free covid
or these are age more, petrols fifty percent more, but
not on less. Good news and inflation, Mike and and
Easy have cost of living pressures, something that the Advent
did should pay attention to. We'll see about that and
maybe do get that rate count in a few months time.
Speaker 1 (01:34):
Of all this talk about Taylor Swift, I've heard the
fact that it could have such an impact that the
Bank of England might delight is the most astonishing thing
I've heard yet.
Speaker 2 (01:46):
I did see amazing that. So, yeah, we're talking swift
flation here, good news and inflation here, but yeah, potential
setback in the UK. So the Big even to Meet
meets this week. No change is expected, but there's been
speculation about whether her areas tools actually going to push
out the timeline for a September raker, So she's hitting
in London August, but she's always been already been elsewhere hotels, flights,
(02:07):
restaurants seeing a spike and spinning around her performances. Edinburgh,
where she began the league earlier this month, said that
the concert edit up to around eighty million pounds and
spending their Barclays. They've got their Swifflation report out and
they say the UK talk n and estimated one billion
sterling to the British economy at one point two million
(02:29):
fans are spending like it's going out of fashion. Fifteen
tour days are spending around eight hundred and fifty quid
all that's about two thousand Kiwi dollars each on various
things including merch for the combination and the like. And
it shows that the spending on her tour ticket holders
is more than twelve times there which costs the UK
nine out. And then when they actually brought out the
(02:50):
tickets last year like that actually caused a sixteen percent
year on year increase in the UK spending. So the
swift das are out in force. The banking and they
were as for a comment they see they look at
a range of indicators, not just what Taylor Swift's doing,
but hey, I just thought about it. What a legions
of sifties were upsets You didn't come here at least
it's one complication in the up n Z didn't have
to worry about it.
Speaker 1 (03:10):
That's true. And then we got some good news from Adobe.
Speaker 2 (03:13):
Yes, this is our US earning so Adobe facial maker
these years sawed fifteen percent on Friday. That was the
biggest one day really since March twenty twenty. No prizes
for using the key driver, Mike, Yes, that's right. It's
AI revenues up ten percent from a year earlier to
five point three billions for the quarter. They've got their
Firefly AI functionality that's going pretty well. They've got a
(03:33):
dozen new genets of AI tools are going to partnership Microsoft.
That's providing a bit of a boost. They lifted four
year guides to twenty one point four to twenty point
five billion. And yeah, no signs of the slow down there.
And it's actually a bit of a contrast to what
we've seen saw from likes of Salesforce. See she has
plunged on weekend and expected results, so yes and positive news.
Last week no Adobe, but also Oracle was high on
(03:55):
its results. She pries up for Adobe still down around
at twelve percent for the year. Numbers please so in
the s and P five hundred was plenty pretty flat
on Friday five four three one that now I was
down point one five percent, thirty eight five eight nine,
Naars deck up point one percent, seventeen six eight eight.
There is a record closed video that was up almost
two percent. So yes, idal and continue to lead things there.
(04:18):
Foot Sea down point two percent, Nickel up point two percent.
Bank of Japan held rates A six two hundred down
point three percent. In the fifty we were fairly flat,
down seven points eleven eight sixty five, Gold up twenty
nine dollars two thousand, three hundred and thirty three ounce.
Oil down seventeen cent, seventy eight spot forty five years
for WTI Currency Market's key we weeker across the board
(04:39):
with sixty one point four against the US, ninety two
point eight against Ozzie, forty eight point nine against Stirling.
This week we've got the Bank of England as mentioned,
we got the RBA as well as should also be
on hold and back to US March GDP. Thing is
are we going to be out of recession? Looks like
a bit of a coin toss, by the way, many
are doing it.
Speaker 1 (04:57):
Tough ketch up, so I appreciate it very much. Greg Smith,
Devins Funds Management.
Speaker 2 (05:01):
For more from The Mic Asking Breakfast, listen live to
News Talks at B from six am weekdays, or follow
the podcast on iHeartRadio.
From Devin Funds Management at Greg Smith is with us
this Monday, Monding Morning.
Speaker 2 (00:03):
Mate, Morning, Mike.
Speaker 1 (00:05):
Now, food inflation. I like those numbers. It's almost like
at used to.
Speaker 2 (00:09):
Exactly got some good news. So yes, that's usually report
that food prices increased justo point two percent in the
twelve months to May. It's actually the smallest increase in
ten twenty eight. And see quite right that increases a
quarter of that scene in April due to cheaper prices
of fruit and vengies of down eleven percent meat, poultry, fish,
she recorded their an annual decrease for the first time
(00:29):
in over three years, and may have groups of high
in price but just less so. Restaurant meals and ready
to eat food prices almost five percent are still pretty high,
but growthy prices are coming down increases just one point
three percent. Good news for cheese lovers, Mike. Prices are
at five year low, so you get it one kg
block for just over ten bucks down to thirteen bucks
sixteen May twenty twenty three. Look at a monthly basis,
(00:52):
most items have also fallen overll food prices down point
two percent in May. On April, cheaper yogurt crisps that
up drive grocery prices and also fruit and vegi's. We've
got prices of mandarins, potatoes and apples. And it's not
only food prices that are coming down, Mike, Petrol prices
they also fell in makes that petre and diesel we
both down around three percent. Still, get before we get
(01:14):
too happy. They ever still when they were a year ago,
and Petchuan diesels fifty percent more expensive than free covid
or these are age more, petrols fifty percent more, but
not on less. Good news and inflation, Mike and and
Easy have cost of living pressures, something that the Advent
did should pay attention to. We'll see about that and
maybe do get that rate count in a few months time.
Speaker 1 (01:34):
Of all this talk about Taylor Swift, I've heard the
fact that it could have such an impact that the
Bank of England might delight is the most astonishing thing
I've heard yet.
Speaker 2 (01:46):
I did see amazing that. So, yeah, we're talking swift
flation here, good news and inflation here, but yeah, potential
setback in the UK. So the Big even to Meet
meets this week. No change is expected, but there's been
speculation about whether her areas tools actually going to push
out the timeline for a September raker, So she's hitting
in London August, but she's always been already been elsewhere hotels, flights,
(02:07):
restaurants seeing a spike and spinning around her performances. Edinburgh,
where she began the league earlier this month, said that
the concert edit up to around eighty million pounds and
spending their Barclays. They've got their Swifflation report out and
they say the UK talk n and estimated one billion
sterling to the British economy at one point two million
(02:29):
fans are spending like it's going out of fashion. Fifteen
tour days are spending around eight hundred and fifty quid
all that's about two thousand Kiwi dollars each on various
things including merch for the combination and the like. And
it shows that the spending on her tour ticket holders
is more than twelve times there which costs the UK
nine out. And then when they actually brought out the
(02:50):
tickets last year like that actually caused a sixteen percent
year on year increase in the UK spending. So the
swift das are out in force. The banking and they
were as for a comment they see they look at
a range of indicators, not just what Taylor Swift's doing,
but hey, I just thought about it. What a legions
of sifties were upsets You didn't come here at least
it's one complication in the up n Z didn't have
to worry about it.
Speaker 1 (03:10):
That's true. And then we got some good news from Adobe.
Speaker 2 (03:13):
Yes, this is our US earning so Adobe facial maker
these years sawed fifteen percent on Friday. That was the
biggest one day really since March twenty twenty. No prizes
for using the key driver, Mike, Yes, that's right. It's
AI revenues up ten percent from a year earlier to
five point three billions for the quarter. They've got their
Firefly AI functionality that's going pretty well. They've got a
(03:33):
dozen new genets of AI tools are going to partnership Microsoft.
That's providing a bit of a boost. They lifted four
year guides to twenty one point four to twenty point
five billion. And yeah, no signs of the slow down there.
And it's actually a bit of a contrast to what
we've seen saw from likes of Salesforce. See she has
plunged on weekend and expected results, so yes and positive news.
Last week no Adobe, but also Oracle was high on
(03:55):
its results. She pries up for Adobe still down around
at twelve percent for the year. Numbers please so in
the s and P five hundred was plenty pretty flat
on Friday five four three one that now I was
down point one five percent, thirty eight five eight nine,
Naars deck up point one percent, seventeen six eight eight.
There is a record closed video that was up almost
two percent. So yes, idal and continue to lead things there.
(04:18):
Foot Sea down point two percent, Nickel up point two percent.
Bank of Japan held rates A six two hundred down
point three percent. In the fifty we were fairly flat,
down seven points eleven eight sixty five, Gold up twenty
nine dollars two thousand, three hundred and thirty three ounce.
Oil down seventeen cent, seventy eight spot forty five years
for WTI Currency Market's key we weeker across the board
(04:39):
with sixty one point four against the US, ninety two
point eight against Ozzie, forty eight point nine against Stirling.
This week we've got the Bank of England as mentioned,
we got the RBA as well as should also be
on hold and back to US March GDP. Thing is
are we going to be out of recession? Looks like
a bit of a coin toss, by the way, many
are doing it.
Speaker 1 (04:57):
Tough ketch up, so I appreciate it very much. Greg Smith,
Devins Funds Management.
Speaker 2 (05:01):
For more from The Mic Asking Breakfast, listen live to
News Talks at B from six am weekdays, or follow
the podcast on iHeartRadio.
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