I’m a rocket lamb

Quarterly Food Inflation Update – September 2024

During the September quarter the Australian Bureau of Statistics (ABS) consumer price data showed a big lift in the retail price of lamb with this category showing a 7.7% increase from the June quarter figures. Eggs and Fruit also saw a noticeable lift in prices of 4.7% and 3.5%, respectively. Meanwhile leading the deflationary trend with reduced pricing at the retail level over the quarter was vegetables, down by 1.0%, and cheese, which saw prices 0.9% lower.

Analysis of the indicators on an annual basis painted a different picture with red meat the only categories still showing significant deflationary trends. Compared to the 2023 season the current price levels for lamb in 2024 are still 5.6% softer than last year, even despite the strong quarterly boost seen over the September quarter 2024. Meanwhile, the beef category has prices 3.0% under the levels seen last year. Higher pork, poultry and seafood pricing versus lower red meat pricing annually has the combined Meat & Seafood category somewhat offsetting gains and losses across meat types and is coming in just 0.3% softer than what we saw in 2023.

Ongoing supply concerns still have eggs leading the inflationary trends across the food items on the annual calculations with prices up by 6.4% in 2024 compared to the 2023 season.

You might also like

Australia’s beef processing sector plays a crucial role in balancing various pressures to maintain profitability. With approximately 70%

Key Points OTH goat prices are recovering, aligning strongly with rampant US exports  goats were the first

It has been a slow start to the spring lamb flush this year, particularly in Victoria and South
This article provides an analysis of the current F1 Wagyu cattle prices in Australia for heifers and steers,