The land of milk and bread…

Market insights | 27th March 2024 | By Matt Dalgleish

Monthly Food Inflation Update - February 2024

At least the breakfast meal of milk and cereal will be cheaper, according to the Australian Bureau of Statistics monthly inflation indicator update for February 2024. The only two categories to report a deflationary trend over the month was Dairy and Breads & Cereals. Prices in the Dairy category eased by 0.8% over the month. Meanwhile prices in the Bread & Cereal category was down by 0.6%.

Meat & Seafood saw a marginal price gain of just 0.2%. The Fruit and Vegetable category lead the inflationary charge, but the price gains weren’t too excessive over February with a lift of 1.1%. The Alcohol category was up by 0.8%.

On an annual basis, comparing the average annual indicator for each category from 2023 to 2024, shows that all categories other than Meat & Seafood and Fruit & Vegetables are still in an inflationary mode. Fruit & Vegetable prices on an annual basis are flat at 0.0% price change. Meat & Seafood are down by 1.9% from 2023.

Bread & Cereals are competing with Alcohol for the most inflationary on an annual basis, sitting on price gains of 3.5% and 3.4%, respectively. Meanwhile prices in the Dairy category are up by 1.5% from last year.


  • CPI
  • Inflation