The ABS have released their consumer price index data for a variety of food/drink indicators today and it shows some price relief is beginning for red meat and vegetable consumers. The price indicators for the December 2022 quarter to the March 2023 quarter only shows beef prices starting to recede, with a 0.2% price drop over the first quarter of 2023.
Cheese, eggs and fruit are still well entrenched in an inflationary phase, with these three food categories leading the charge in terms of price hikes over the March 2023 quarter.
A comparison of the annual indicators shows that since 2022 vegetables, lamb and beef have all become a little cheaper. The 2023 vegetable price indicator is down 3% from levels seen in 2022, lamb is off by 1.3% on an annual basis and beef is just 0.1% cheaper. Dairy is the standout category when it comes to price hikes on an annual measure with the 2023 values between 9% to 11% above the levels seen in 2022.