Australia Food Inflation

Australia's annual food price inflation fell to 7.5 percent in Q2 of 2023 from 8.0 percent in Q1. The latest figure marked the lowest level since Q2 of 202, as cost pressures eased further. Prices moderated for bread (11.6% vs 11.8% in Q1), other cereal products (9.0% vs 12.0%), beef and veal (02.0% vs 0.8%), pork (3.7% vs 3.9%), oils & fats (14.6% vs 19.2%), jams, honey & spreads (6.0% vs 6.9%), coffee, tea, cocoa (6.4% vs 7.1%), eggs (11.2% vs 13.1%), cheese (16.3% vs 16.8%), and restaurants meals (6.5% vs 7.0%). At the same time, cost of vegetables declined for the first time in two years (-2.2% vs 1.0%). Conversely, inflation accelerated for fruits (10.7% vs 10.6%), ice cream & other dairy products (14.0% vs 11.2%), water, soft drinks, juices (9.2% vs 8.0%). dairy & related products (15.2% vs 14.9%), meals out and take away foods (7.7% vs 7.3%), cakes & biscuits (10.7% vs 10.6%), and food products n.e.c (12.5% vs 11.4%).