You weren’t imagining it – Valentine’s Day chocolate probably was more expensive this year.

Stats NZ data shows food prices up 4.6% in the year to January, after a 4% increase in the 12 months to December.

Grocery prices were up 4%.

Sirloin steak lifted 22.9% over the year, white bread 57.9% and takeaway coffee 6.6%, to an average $5.16 a cup.

Chocolate was up 20.5% to $6.89 per 250g.

Infometrics chief executive Brad Olsen said there was usually a price increase for chocolate in either January or February in the lead-up to Valentine’s Day.

“But chocolate prices have now increased 20%, that’s three months in a row of double digit annual price increases.”

He said it was the first time in Stats NZ data that chocolate prices had topped $6 on average for 250g and they were close to $7.

“I do suspect part of that as well is some of the pricing changes you’ve seen in recent times ... part of that will be around specials that are offered or not, and also the fact that Whittaker’s has raised their chocolate prices as well in the last couple of months. That might well be filtering through into the numbers.”

He said there was international pressure on chocolate prices. Cocoa prices had eased a little from highs earlier in 2025 but New Zealand chocolate prices never lifted as much as cocoa did.

“Long story short, international chocolate prices were at the end of last year up a good 37% from where international cocoa prices were two years ago. I suspect that the increase you’re seeing is a combination of pricing changes coming through in the system already, the usual Valentine’s Day spike, but being amplified by those international chocolate prices or cocoa prices going up, that have taken a while to filter their way through into the system.”

Westpac senior economist Satish Ranchhod said Valentine’s Day was probably not a major driver of the price change.

“Chocolate prices get heavily discounted in November and December in the run-up to Christmas. They come off special in January and then get discounted again over February.”

Woolworths was this week selling 250g blocks of Whittaker’s chocolate for $7.49.

RNZ