The cheap meats
Monthly Food Inflation Update - April 2024
Monthly consumer price index indicators (CPI) were released today and they show that the Meat & Seafood category is the only one to post a deflationary trend on an annual basis. Compared to the average indicator for 2023 the current 2024 indicator for meat & seafood prices are 1.2% cheaper. All other reported categories are still showing an inflationary cycle on an annual basis with the Fruit &Vegetables category and Dairy category up by 1.5% and 1.6%, respectively. Alcohol and Breads/Cereals are still running above the Reserve Bank’s CPI target inflationary range sitting on 4.0% and 3.6% price growth each.
On a month to month basis the picture is a little different. Looking at price changes from March 2024 to April 2024 the data shows that Bread & Cereal prices are beginning to ease marginally, down by 0.4% over the month. The Dairy category is unchanged. Meanwhile, the Meat & Seafood category lifted by 0.6% and Alcohol is up by just 0.3%. Leading the monthly price gains is the Fruit & Vegetable sector with a rise of 3.9% over April.
