Small lift in food prices

Monthly Food Inflation Update - July 2024

The release of monthly consumer price data this week shows that on a monthly basis, reported food categories saw incremental increases in prices. Meat & Seafood saw the largest monthly gains, but only a 1% increase. The Bread & Cereal category was up by similar levels, followed by Fruit & Vegetables (up 0.71%) and Alcohol up by just 0.43% over July 2024. The Dairy category recorded no change.

CPI levels on an annual basis, comparing 2024 average price gains to 2023 levels, shows that inflationary trends persist for all reported categories with the exception of Meat & Seafood, which saw price declines of just 0.7% from last year’s figures. On the annual measure Alcohol continues to show the most inflationary pressures with prices up by 4.6%, followed by the Fruit & Vegetable category on a gain of 4.2%.