The annual average increase in the cost of goods which suppliers charged supermarkets has picked up slightly in November.

Compared to November 2023, there was a 2.1% increase between what suppliers charged Foodstuffs supermarkets in November 2024.

Infometrics principal economist Brad Olsen said the increase was a "slight change" in the trend after a 2.0% rise was recorded in October.

"This slight shift shouldn’t be overblown, with current trend growth in the GSCI still at more moderate levels than a year ago."

The Infometrics-Foodstuffs New Zealand Grocery Supplier Cost Index (GSCI) measures the change in the list cost of grocery goods charged by suppliers to the Foodstuffs North Island and Foodstuffs South Island co-operatives.

Olsen said nearly 3500 items increased in cost in November 2024 compared to the year before — the highest monthly increase since July 2024.

"A significant number of increases continue to be of larger magnitudes, with nearly 1-in-10 being increases of more than 20% up on the previous month."

Costs on all departments remained higher year on year compared to November 2023, with some "slight reacceleration" in cost increases in some departments.

"Bakery and chilled foods costs were both up 3.1%pa, driven by recent rises for dairy products like butter and milk. Chocolate and cooking oil costs have also continued to rise, keeping general grocery cost increases elevated, at 2.3%pa."