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."

LISTEN ABOVE

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."
LISTEN ABOVE

Open your mind to the world with New Zealand’s number one breakfast radio show.

Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.

The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more.

The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show. Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda. The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more. The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show.Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.The sharpest voice and mind in the business, Mike drives strong opinion,...

The Mike Hosking Breakfast

Greg Smith: Devon Funds Management Head of Retail on food inflation easing to lowest level in five years

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/de048630-543e-4729-9c77-b191015a1923/transcript

There's a view Canterbury's economic growth can't all be put down to the earthquakes. 

The Herald's Project Canterbury report, out today, looks at the businesses, civic leaders, infrastructure providers, and investors driving the region's growth. 

ChristchurchNZ CEO Ali Adams told Mike Hosking the region has natural advantages helping fuel growth in sectors like aerospace and dark sky tourism, with an international airport just 20 minutes from the city. 

But she says things like a health precinct came from the earthquakes, and has been pivotal for the city attracting companies. 

But with plenty of room to grow further, the region is expecting some growing pains. 

Adams told Hosking attracting skilled workers will be the next challenge. 

She says there's amazing tertiary institutions in the region, but the sectors of growth rely on people studying science, technology, engineering, and maths, and that's dropping off. 

LISTEN ABOVE  

There's a view Canterbury's economic growth can't all be put down to the earthquakes.&nbsp;
The Herald's Project Canterbury report, out today, looks at the businesses, civic leaders, infrastructure providers, and investors driving the region's growth.&nbsp;
ChristchurchNZ CEO Ali Adams told Mike Hosking the region has natural advantages helping fuel growth in sectors like aerospace and dark sky tourism, with an international airport just 20 minutes from the city.&nbsp;
But she says things like a health precinct came from the earthquakes, and has been pivotal for the city attracting companies.&nbsp;
But with plenty of room to grow further, the region is expecting some growing pains.&nbsp;
Adams told Hosking attracting skilled workers will be the next challenge.&nbsp;
She says there's amazing tertiary institutions in the region, but the sectors of growth rely on people studying science, technology, engineering, and maths, and that's dropping off.&nbsp;
LISTEN ABOVE &nbsp;

Ali Adams: ChristchurchNZ CEO unpacks the Project Canterbury report that looks into the region's economic growth

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/b07989b2-e7b2-4b99-b6f9-b4c00150fcd2/transcript

Tourism New Zealand's shifting gears with a new campaign, with a specific group in mind. 

It's launched its new Don't be a Stranger campaign, targeting Kiwis' friends and relatives across the UK, Canada, and Australia.  

This cohort spent a total of $2.6 billion visiting this country in the year to June.  

Tourism New Zealand's Brodie McLeish told Mike Hosking they're trying to find different levers they can use. 

She says about 93% of Australians see their campaigns, so they're going after a different audience this time. 

LISTEN ABOVE  

Tourism New Zealand's shifting gears with a new campaign, with a specific group in mind.&nbsp;
It's launched its new Don't be a Stranger campaign, targeting Kiwis' friends and relatives across the UK, Canada, and Australia. &nbsp;
This cohort spent a total of $2.6 billion visiting this country in the year to June. &nbsp;
Tourism New Zealand's Brodie McLeish told Mike Hosking they're trying to find different levers they can use.&nbsp;
She says about 93% of Australians see their campaigns, so they're going after a different audience this time.&nbsp;
LISTEN ABOVE &nbsp;

Brodie McLeish: Tourism New Zealand General Manager of Marketing on their new 'Don't be a Stranger' campaign

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/1f12c6ed-dd9a-4a06-b2c6-b4c0014a28f3/transcript

Here is a stereotype we have to break, especially given the solution is now available. 

There was a young woman in her 20s, in the beauty industry, training as a nurse and will go into the private sector. She has a plan and good on her. 

As part of this particular conversation though, she says she can never see herself owning a house. 

Of our five kids, one or possibly two, I suspect they feel the same, and yet the National Party's 5% deposit announcement made over the weekend changes all of that. 

Of all the policy released so far from any party, this is by far the most consequential. 

There is no Government-owned supermarket, they won't be breaking up gentailers, or buying BNZ back. This campaign has been full of fanciful nonsense. 

But the 5% is not only real, it's doable. It's so doable it looks likely the Labour Party will copy it and, above all else, it's the most important thing a policy can be – practical. 

5% of a $700,000 house is $35,000. For most young people they can see that. 

20% of that house is $140,000. That’s not real. 

At last, the biggest issue around housing is solved. It used to be solved, and we used to do this routinely, until we ballsed it up in yet another example of taking a problem that never existed and messing it about. 

20% was never needed. The only thing preventing 5% deposits was Adrian Orr and the Reserve Bank and an unhealthy fear of carnage. 

Even if you end up for a period in a flat market, as we have now with negative equity, it will pass. It always does. 

Even if housing in New Zealand never grows at 10% a year ever again, it will grow. And what I know, as sure as night follows day, is we love houses. We dream of owning our own place. 

That is the constant in this whole mad debate that too many people have made too complicated. 

Banks should never have been dictated to by the central bank because retail banks know what they're doing. 

Between a government-insured scheme and KiwiSaver and retail banks, there should never have been a hurdle as large as it was. 

There should never have been a generation for whom owning a piece of their country was seemingly beyond them. 

The 5% policy sorts it. The trick now is to get that message out to people like the trainee nurse, who still don’t know how close they might be.   

Here is a stereotype we have to break, especially given the solution is now available.&nbsp;
There was a young woman in her 20s, in the beauty industry, training as a nurse and will go into the private sector. She has a plan and good on her.&nbsp;
As part of this particular conversation though, she says she can never see herself owning a house.&nbsp;
Of our five kids, one or possibly two, I suspect they feel the same, and yet the National Party's 5% deposit announcement made over the weekend changes all of that.&nbsp;
Of all the policy released so far from any party, this is by far the most consequential.&nbsp;
There is no Government-owned supermarket, they won't be breaking up gentailers, or buying BNZ back. This campaign has been full of fanciful nonsense.&nbsp;
But the 5% is not only real, it's doable. It's so doable it looks likely the Labour Party will copy it and, above all else, it's the most important thing a policy can be – practical.&nbsp;
5% of a $700,000 house is $35,000. For most young people they can see that.&nbsp;
20% of that house is $140,000. That’s not real.&nbsp;
At last, the biggest issue around housing is solved. It used to be solved, and we used to do this routinely, until we ballsed it up in yet another example of taking a problem that never existed and messing it about.&nbsp;
20% was never needed. The only thing preventing 5% deposits was Adrian Orr and the Reserve Bank and an unhealthy fear of carnage.&nbsp;
Even if you end up for a period in a flat market, as we have now with negative equity, it will pass. It always does.&nbsp;
Even if housing in New Zealand never grows at 10% a year ever again, it will grow. And what I know, as sure as night follows day, is we love houses. We dream of owning our own place.&nbsp;
That is the constant in this whole mad debate that too many people have made too complicated.&nbsp;
Banks should never have been dictated to by the central bank because retail banks know what they're doing.&nbsp;
Between a government-insured scheme and KiwiSaver and retail banks, there should never have been a hurdle as large as it was.&nbsp;
There should never have been a generation for whom owning a piece of their country was seemingly beyond them.&nbsp;
The 5% policy sorts it. The trick now is to get that message out to people like the trainee nurse, who still don’t know how close they might be. &nbsp;&nbsp;

Mike's Minute: We need to break this stereotype in NZ

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/309d294a-afd4-4413-8c0a-b4bf01762978/transcript

Greg Smith: Devon Funds Management Head of Retail on food inflation easing to lowest level in five years

In 1 playlist(s)

The Mike Hosking Breakfast

Social links

Follow podcast

Recent clips