Petrol, diesel prices fell between May and June - Stats NZ figures

Fuel prices fall in June after moves to end US-Iran war

But fuel prices still much higher than year ago

Food prices edge higher in June on back of seasonal lift in fruit/veg

Electricity, gas, tobacco and liquor rise, domestic airfares/accommodation fall

Items account for about half of consumer price inflation measure due next week

Falls in the fuel prices helped to keep a lid on household costs in a partial measure of inflation for June.

Stats NZ figures showed petrol prices fell 4.2 percent on May and diesel prices were down 12.1 percent, as global energy prices fell sharply after the US-Iran agreement to end hostilities, which has since broken down.

"Fuel prices remained high in June but decreased for a second consecutive month, following increases in March and April," prices and deflators spokesperson Nicola Growden said.

However, petrol was still 24 percent higher than a year ago and diesel was 57 percent more expensive over 12 months.

Fuel prices make up about 4 percent of the broad inflation measure, the consumer price index.

Food prices rose 0.6 percent for the month, to be 2.5 percent higher than a year ago, the lowest annual rate since February 2025.

Fruit and vegetables were the main driver for the month reflecting the seasonal impact on supplies, notably tomatoes, cucumbers, and capsicums.

The annual rate was driven meat and poultry and some dairy items, notably milk.

"Annually, milk prices have increased every month for the last two years," Growden said.

"In June 2024, the average 2-litre bottle of milk cost $4.00. In June 2026, it cost $5.04."

Takeaway meals were also markedly more expensive.

Food prices make up about 19 percent of the broad inflation measure, the consumer price index (CPI).

Electricity, gas, and international airfares and accommodation were also more expensive for the month and on a year ago.

The items measured make up about half of the CPI, with the latest quarterly reading due on 21 July.