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Overall food prices are more than 18 percent higher on last year, says an economist. File photo. Photo: 123RF Food prices are no longer increasing at the dizzying pace recorded in 2023 - but the recent run of inflation has left grocery shoppers shelling out significantly more for their groceries. Food price inflation picked up pace from the end of 2022 and peaked mid last year, with increases running into double-digit percentages. It has dropped significantly in recent months. In June, the first annual food price drop in six years was recorded. But Infometrics chief executive Brad Olsen calculated that overall food prices were a bit more than 18 percent higher in July this year than they were in July 2021. Fruit and vegetable prices were 7.3 percent higher, meats, poultry and fish were ...

Ryman Healthcare's Miriam Corban retirement village. Photo: Supplied Ryman Healthcare raising prices for new residents Suspends any new building projects Revamps structure - three senior executives made redundant Retirement village operator Ryman Healthcare is raising prices, slowing construction, and cutting senior jobs as it looks to restore its finances. The company, which operates 49 villages in New Zealand and Australia, is raising the deferred management fee (DMF) paid by residents when they leave a village, to 25 or 30 percent, depending on the initial entry price paid, from the current 20 percent. The weekly fixed charges for new residents will also be raised or they can pay fees indexed to rises in NZ superannuation or Australia's consumer price index. Executive chairman Dean...

Commerce and Consumer Affairs Minister Andrew Bayly and Energy Minister Simeon Brown. Photo: RNZ / REECE BAKER Consultation on open banking and open electricity has begun. Commerce and Consumer Affairs Minister Andrew Bayly and Energy Minister Simeon Brown have now asked for feedback in both of those areas. Open banking was expected to be the first cab off the rank, with a view of it being operational by the end of 2025. Bayly said that was well before the target set by the recent Commerce Commission banking market study. "At the moment, banks and electricity companies are operating inside a walled garden," he said. "New entrants face high barriers to entry and as a result consumers do not benefit from innovative new products and services." Bayly said the government was seeking feedback...

Expectations were high going into the latest reporting season but overall results, for the period ended June, ultimately disappointed. Photo: RNZ / Angus Dreaver The corporate reporting season has produced some mixed results, with a difficult outlook for most companies exposed to the domestic economy. Expectations were high going into the latest reporting season but overall results, for the period ended June, ultimately disappointed - leaving the NZX Top 50 Index little changed. The biggest highlight over the past month was the Reserve Bank's 25-basis-point cut to the official cash rate, which was followed by a strong rebound in business confidence. "Even though we've had some good news in terms of that rate cut, there's still clearly parts of the economy which are still hurting, and th...