There's fears there'll be no slowdown any time soon to the rapid rise in food prices.

Stats NZ figures show they rose 4.5 percent in the year to February.

Steak, mince and chocolate all shot up more than 20 percent.

Infometrics head, Brad Olsen, says the spike in oil prices because of the war in Iran will do nothing to help. 

"We know that not only oil prices are key to transport costs, but also just the production. Now if you're a farmer, you've got to use diesel to move stuff around to run the tractor and everything else. So this is going to hit."

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There's fears there'll be no slowdown any time soon to the rapid rise in food prices.
Stats NZ figures show they rose 4.5 percent in the year to February.
Steak, mince and chocolate all shot up more than 20 percent.
Infometrics head, Brad Olsen, says the spike in oil prices because of the war in Iran will do nothing to help.&nbsp;
"We know that not only oil prices are key to transport costs, but also just the production. Now if you're a farmer, you've got to use diesel to move stuff around to run the tractor and everything else. So this is going to hit."
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

Brad Olsen: Infometrics Principal Economist on data showing food prices rose 4.5 percent in the year to February

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/e87e1619-78e8-4c49-a8ab-b41000586915/transcript