Cheering for cheeses

Conversations | 26th June 2024 | By Matt Dalgleish

Monthly Food Inflation Update - May 2024

May 2024 consumer price index (CPI) indicators have been released by the Australian Bureau of Statistics (ABS). In terms of food related categories the month to month data is a little less comprehensive than the quarterly CPI updates with only five food/drink categories covered. Nevertheless it gives a good snapshot of the inflationary trends present in the economy.

The changes to the indicators from April to May 2024 show that only Dairy is experiencing price deflation with a 0.4% fall in prices over the month. The Fruit & Vegetable category is the most inflationary with prices gaining 2.3% over May. The Alcohol, Meat & Seafood categories saw prices lift by just 0.3% apiece. Meanwhile, the Breads & Cereals category was up just just 0.1%.

On an annual basis, comparing average indicators from 2023 to 2024, thus far, show that Meat & Seafood is the only category to show annual price declines in the CPI indicator with prices easing 1.0% from 2023 levels. Alcohol on an annual basis remains the most inflationary with  current average prices 4.3% higher than last year’s average.


  • CPI
  • Inflation