While overall headline inflation eased in the latest quarter, the annual rate of food price inflation held fast at 3.3 percent, the latest quarterly Consumer Price Index (CPI) data, from the Australian Bureau of Statistics, has shown.
The recently-released September 2024 quarter data, saw overall annual food price inflation – comparing prices with the September 2023 quarter – remain at the same rate (3.3 percent) seen in the June quarter. Quarter on quarter, prices in the 'food and non-alcoholic beverages' category rose 0.6 percent.
RaboResearch senior food retail analyst Michael Harvey said the annual rate of food price inflation was "still higher than average", with the 10-year average tracking at 2.7 percent.
Mr Harvey said a spike was seen in annual price inflation for fresh produce overall (both fruit and vegetables), at 8.6 percent. However, he said, this needed to be seen in the context of a "weak comparable" in September 2023, when prices were down (-6.4 percent) on the previous year.
"For the September 2024 quarter though, the ABS (Australian Bureau of Statistics) does cite higher prices for berries, grapes, tomatoes, and capsicum contributing to the rate of inflation in this category due to unfavorable growing conditions," he said. "However, with the summer season now approaching, we are starting to see good volumes and lower prices in some fruit and vegetable products."
For more information:
Denise Shaw
Rabobank
Tel: +61 02 8115 2744 or +61 0439 603 525
Email: [email protected]
www.rabobank.com.au