Brad Olsen: Infometrics Principal Economist on data showing food prices rose 4.5 percent in the year to February

There's fears there'll be no slowdown any time soon to the rapid rise in food prices.

Stats NZ figures show they rose 4.5 percent in the year to February.

Steak, mince and chocolate all shot up more than 20 percent.

Infometrics head, Brad Olsen, says the spike in oil prices because of the war in Iran will do nothing to help. 

"We know that not only oil prices are key to transport costs, but also just the production. Now if you're a farmer, you've got to use diesel to move stuff around to run the tractor and everything else. So this is going to hit."

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