Grog gets bogged
Monthly Food Inflation Update - October 2023
The monthly consumer price indicator (CPI) release from the Australian Bureau of Statistics (ABS) was released earlier this week and it shows that deflationary pressures still persist for the Fruit & Vegetable category. Unfortunately on the monthly reporting there aren’t as many categories covered as we receive in the ABS quarterly CPI updates. However we can see that Fruit & Vegetable prices eased over October by a marginal 0.08%.
Meanwhile, alcohol prices remained steady, with no change in prices recorded over the month. Dairy continues to display inflationary tendencies with the strongest price gains noted of the food categories that are reported on by the ABS each month. Dairy prices increased by 0.66% over the month. The Meat & Seafood category saw a 0.08% gain and the Bread & Cereal category increased by 0.15%.
On an annual basis, comparing CPI indexes from 2022 to 2023, shows that all categories are still exhibiting an inflationary trend. Fruit & Vegetables are the least inflationary with price gains of just 0.5% noted. Dairy leads the inflationary charge with prices up by 10.9% on the previous year. The Bread & Cereal category and the Alcohol category also show strong annual price increases of 9.6% and 6.6%, respectively. Meanwhile Meat & Seafood is the shows the second lowest inflationary gains at an increase of 2.8% year on year.
