Food prices are continuing to rise, with a 5% increase in the year to August.
Dairy continues to be the main driver, with the price of milk rising 16%, cheese 26%, and butter 32%.
Meat, poultry, and fish followed behind, up 8.1% annually.
Fonterra Co-operative Council Chair John Stevenson told Mike Hosking what they see is a pretty clear correlation between current prices and global markets.
He says it’s a good time to be a farmer now but it may not always be the case, and you only have to go back to the 23/24 season in which the headline milk price was below the cost of production to see that.
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The Mike Hosking Breakfast