Monthly Food Inflation Update – November 2024
Food inflationary pressures appear to be easing in the most recent release of ABS consumer price figures for the month of November 2024. Most reported categories showed price inflation pressures running below 1.0%. A closer assessment shows the Dairy category was the most inflationary at a 0.9% average price gain for the month. The Alcohol and Breads/Cereals categories saw 0.4% increases to price levels. Meanwhile the Meat & Seafood category was up by a meagre 0.2%. The Fruit & Vegetable category was the only reported sector to show price easing during November of just 0.2%.
On an annual basis all categories showed price gains, when comparing the 2023 annual average to the 2024 annual average, as at the end of November 2024. Alcohol and the Fruit/Vegetable categories demonstrated the strongest annual price increases of 4.5% and 4.8%, respectively. Meat & Seafood prices continue to be the least inflationary on an annual basis, with a 0.1% price increase reported for the 2024 season.
