Meat me in the middle of the aisle

Market insights | 28th February 2024 | By Matt Dalgleish

Monthly Food Inflation Update - January 2024

The monthly Consumer Price Index (CPI) figures have been released for January 2024 and the only category to sustain a deflationary trend over the month was the Meat & Seafood section, which saw prices easing by 1.4%. Meanwhile the other reported categories only displayed marginal price gains. The prices for Alcohol and Fruit & Vegetable categories were almost unchanged over the month. Dairy prices were up by 1.0% and the Bread & Cereal category lifted by 1.1%.

On an annual basis, comparing the average annual index for each category from 2023 to 2024 (so far), shows that Meat & Seafood prices are down by 2% from last year. Meanwhile the Bread & Cereal category is marginally lower, posting a an annual decline of just 0.6%. Dairy prices are 1.9% higher so far comparing the 2024 average index to 2023. Alcohol is up by 3.1% and Breads & Cereals lead the inflationary trend with annual average prices starting 2024 3.9% higher than the 2023 indicator.


  • CPI
  • Inflation