Annual red meat price inflation has reduced to less than 1 percent according to the latest monthly Consumer Price Index (CPI) data from the Australian Bureau of Statistics, released today.
RaboResearch senior food retail analyst Michael Harvey said the November 2023 data showed prices for food and (non-alcoholic) beverages had risen 4.6 percent annually (from November 2022).
However, this was down on the 5.3 percent rate of annual inflation in this category posted in October 2023, and well below the peak of annual food price inflation of 9.6pc that was seen in September 2022.
Mr Harvey…
