More cheese?
Monthly Food Inflation Update - October 2024
Yesterday saw the release of the monthly consumer price indicators with mixed results for Australian food prices. The Dairy category saw some deflationary trends emerge as prices eased by 1% over the month. The Fruit & Vegetable category also saw marginally lower prices, down by 0.6%.
Breads & Cereals saw the most inflationary pressure with prices up by 1.3% during October. Meat/Seafood and the Alcohol categories also showed some slight inflationary trends with price increases of 0.5% and 0.2%, respectively.
On an annual basis, comparing the average indicator levels in 2023 to 2024, most reported food categories have seen price gains. The exception has been Meat & Seafood, which has seen very marginal price easing of just 0.1% over the year. Despite the price declines noted over October 2024 the Fruit & Vegetable category still holds the number one position as most inflationary food category on an annual basis with prices up by 4.9% this year.
