The annual food price inflation in Australia picked up to 5.9 percent in the June quarter of 2022 from 4.3 percent in Q1, amid robust consumption as the economy fully reopened in the wake of COVID-19 disruptions. This marked the fastest rise in food prices since Q3 2011, with main upward pressures largely coming from cost of bread (7.2% vs 2.6% in Q1), beef and veal (9.4% vs 12.1%), dairy & related products (5.2% vs 4.1%), food products n.e.c(6.1% vs 4.2%), oils and fats (14.6% vs 8.6%), cakes & biscuits (3.9% vs 2.2%), pork (3.9% vs 3.3%), eggs (5.8% vs 1.5%), cheese (4.9% vs 3.3%), other cereal products (10.4% vs 7.3%), jams, honey, and spreads (2.2% vs 2.2%), ice cream and other dairy products (5.6% vs 4.6 %), vegetables (14.6% vs 12.7%), coffee, tea, cocoa (9.3% vs 8.2%), water, soft drinks, juices (7.6% vs 6.4%), meals out and take away foods (4.7% vs 2.6%), and restaurants meals (5% vs 2.8%). At the same time, cost of fruit continued to fall (-1.4% vs -0.5%). source: Australian Bureau of Statistics
Food Inflation in Australia averaged 5.12 percent from 1973 until 2022, reaching an all time high of 20.60 percent in the fourth quarter of 1973 and a record low of -3.20 percent in the second quarter of 2012. This page provides - Australia Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia Food Inflation - values, historical data and charts - was last updated on September of 2022.
Food Inflation in Australia is expected to be 1.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia Food Inflation is projected to trend around 1.00 percent in 2023 and 1.50 percent in 2024, according to our econometric models.