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Speaker 1: So food price inflation spiked some. What our new numbers

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Speaker 1: have prices up four point four percent for the year

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Speaker 1: to May. That's up from three point seven and April.

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Speaker 1: It's the old favorites that have come to the party, dairy,

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Speaker 1: meat and poultry, but is up fifty one of course.

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Speaker 1: Chris Quinn's Food starts North Island CEO and is back

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Speaker 1: with us. Chris, good morning, Good morning Mike. The value

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Speaker 1: of the numbers that we saw headline wise yesterday versus

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Speaker 1: the cost of actually doing business? Are you guys keeping

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Speaker 1: your costs under control beyond the obvious look?

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Speaker 2: I think the best way of explaining that is that

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Speaker 2: the stats New Zealand food price basket went up four

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Speaker 2: point four percent, as you mentioned, our retail prices for

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Speaker 2: the same period went not three point two percent. So

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Speaker 2: US working on our efficiency and us making the decision

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Speaker 2: not to pass on all of these product cost increases

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Speaker 2: to our customers is what makes that difference. So we're

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Speaker 2: doing everything we can, but the same cost increases for energy,

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Speaker 2: for people, for all of those things do affect every

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Speaker 2: one of our owner operator businesses.

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Speaker 1: And are you an outlier in that in any way?

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Speaker 1: Shape will form another words as your wages, your transports,

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Speaker 1: any different from anybody else who would be passing on

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Speaker 1: some of the costs in the economy.

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Speaker 2: At the moment, not fundamentally different.

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Speaker 1: No, okay, So when we talk about these numbers, once

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Speaker 1: you strip out the stuff that you can avoid, once

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Speaker 1: you strip out the stuff you can explain away. Is

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Speaker 1: the price of food materially going up in a way

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Speaker 1: that we can't explain.

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Speaker 2: I think it can be explained. That does not make

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Speaker 2: it any easier for any household who is stirring into

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Speaker 2: this alongside all the other costs. So you know the

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Speaker 2: understanding what's driving it. It's important because I guess it's

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Speaker 2: understanding the cause. And do you think people are position

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Speaker 2: with that.

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Speaker 1: Or is just blaming you guys the easy out.

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Speaker 2: Look. We have the privilege of serving four point one

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Speaker 2: million customers a week in terms of number of visits

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Speaker 2: we see, so the only people they can talk to

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Speaker 2: are us because we have the food on the shelf

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Speaker 2: and the price. But it is important. My butter is

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Speaker 2: probably the classic right now. It has gone up fifty

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Speaker 2: five percent in a year. That is fantastic for New

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Speaker 2: Zealand's economy, but very tough for households who are buying

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Speaker 2: that product. You know, we're seeing the same tomatoes. We've

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Speaker 2: got an issue in Australia where we're not allowed to

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Speaker 2: import from Australia. So I've seen a thirty percent increase

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Speaker 2: in those eighteen percent up and kew. We for it.

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Speaker 2: Another great export story, but that part of our economy

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Speaker 2: means that the basic cost of those products increases at

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Speaker 2: retail because nearly seventy percent of what makes up the

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Speaker 2: dollar on shelf comes from the cost of the goods.

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Speaker 1: And there's nothing we can do. Chris, appreciate it very

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Speaker 1: much again, Chris quin, who's the food Stuffs Northland.

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