He said some of that was down to ingredients.
“Cocoa prices around the world saw a pretty large increase last year due to inclement weather in some of those major growing regions,” he said.
“Prices have started to come down more recently but a lot of producers here are still dealing with the lingering impacts of last year’s big increases.”
Ranchhod said there had also been “sizeable increases” in the cost of transport and packaging.
“Transport is just rippling through the supply chain for many goods and services.
“A lot of suppliers have to lock in contracts well ahead of time.”
A Foodstuffs spokesperson, which operates the New World and Pak’nSave supermarkets, told the Herald that higher cocoa prices at the time of ordering had flowed through to retail prices.
“The price of chocolate Easter treats people are noticing this year is directly linked to increased global cocoa costs during the past couple of years.
“While cocoa prices have eased recently, Easter stock is typically ordered up to a year in advance, well before any price drops have taken effect.”
Overall annual food prices in the year to February increased by 4.5%, up from a 4.2% in the 12 months to January, according to Stats NZ.
With the cost of petrol also rising because of the Middle East conflict, ASB economists said in a report last week that households could face a $55 a week rise in living costs this year.
“Our central assumption is that the conflict lasts for three months, and that the price impacts last another three months,” ASB chief economist Nick Tuffley said.
“Overall, the recovery in household consumption we had pencilled in for 2026 now looks to be a 2027 story.”
The report said the cost of living will be 50% higher than it might normally have been, with a direct hit from the rise in fuel costs and indirect increases in the price of other goods and services.
