Oh dear, beer!
Monthly Food Inflation Update - August 2024
The monthly food inflation indicators have been released for August 2024 and they show an inflationary trend persists for alcohol, fruit & vegetables and meat & seafood categories. Alcohol is leading the monthly price increases, up by 0.9% on the month. Meanwhile Fruit & Vegetable prices aren’t tracking far behind with a 0.7% lift. Meat & Seafood saw average prices gain by 0.6% during August. The Dairy category saw no change for the third consecutive month and Bread & Cereal prices eased marginally, down by 0.1%.
On an annual basis, comparing 2024 average pricing to 2023, Alcohol and Fruit & Vegetable categories are displaying persistent inflationary trends with price gains of 4.7% and 4.8%, respectively. Both well ahead of the Reserve Bank of Australia’s (RBA) target inflationary banding of 2-3%. Bread & Cereals are also ahead of the RBA target at 3.6% price growth in 2024. The Dairy category is inflationary, but below the target range, sitting at 1.4% annually, meanwhile Meat & Seafood is showing a deflationary trend on the annual figures with prices down by 0,5%.
