Food prices look to be cooling, potentially bringing some relief to consumers. 

Stats NZ's latest figures show annual food price inflation's fallen to 4.8%, its lowest level in two years. 

Grocery inflation fell notably, increasing by only 5.4% compared to the 11% increase from 2021 to 2022. 

Meat only rose 2.3% last year. 

Infometrics Principal Economist Brad Olsen told Tim Dower that a number of other inputs have begun to move into a better position as well, such as international airfares dropping by 15% compared to this time last year. 

One area of concern, he said, was rental properties. 

Rent on new rental properties is up by 7% across the country, accelerating quickly with the increasing population growth. 

LISTEN ABOVE 

• Price of buying food fell in December, annual price increase slows