Monthly Food Inflation Update - May 2023
Dairy was the only monthly CPI indicator category to show a price decline during May, according the recent release of Australian Bureau of Statistics (ABS) food inflation data. The Dairy category saw a mild decline of just 0.2%, so not enough to Brie too excited about. Breads & Cereals saw the most inflationary pressures, with the indicator up by 1.7%, which was the same level of inflationary pressure seen for Bread & Cereals during the March to April period.
Fruit & Vegetables saw inflationary pressure rebound after showing some deflationary movement from March to April. May 2023 saw the Fruit & Vegetables category CPI up by 1.4%. Meanwhile, Meat & Seafood demonstrated more moderate price increases of just 0.4% over May. Alcohol was almost unchanged, up by just 0.1% during May, I’ll drink to that!
In terms of annual average inflation so far in 2023, compared to 2022, Dairy continues to lead the pack despite the softer outcome for CPI over May. On an annual basis Dairy prices are still up by 9.3% from the previous year. Cheeses wept.