Seasonal and global factors are playing into our food prices

October Stats NZ figures show food went up 1.2 percent annually - but fell point-nine percent from September to October.

ASB senior economist, Mark Smith, says global food price weakness tend to lag about nine-months - with impacts being felt now.

He says there's also been a fairly sluggish backdrop constraining local food inflation - and a lot of competition for consumer dollars.

Smith says the monthly fall was offset by higher seasonal accommodation and air fares - which should also drop over the next year.