Delayed deflation

Monthly Food Inflation Update - November 2023

Due to the Xmas/NY break the monthly ABS CPI data for November 2023 was delayed until early January but when it finally arrived it showed some positive news for consumers with several food categories showing a deflationary trend. Leading the pack for reduced prices was the Meat & Seafood category with a 0.9% drop in prices over November 2023.

Prices in the Alcohol category was 0.4% lower over the month, a handy albeit marginal saving for those beginning to stock up for Xmas and New Year Eve celebrations.  Meanwhile the Dairy category showed very marginal price easing of just 0.1%.

Although, it wasn’t good news across all food categories for consumers with Bread & Cereal prices up by 0.6% during November 2023 and the Fruit & Vegetable category showing the strongest inflationary gains in price of 2.1%.