{"id":19423,"date":"2023-10-27T13:58:31","date_gmt":"2023-10-27T13:58:31","guid":{"rendered":"https:\/\/www.selinawamucii.com\/news\/?p=19423"},"modified":"2023-10-27T13:58:35","modified_gmt":"2023-10-27T13:58:35","slug":"australians-relieved-as-food-inflation-dips-in-3rd-quarter-2023","status":"publish","type":"post","link":"https:\/\/www.selinawamucii.com\/news\/2023\/10\/27\/australians-relieved-as-food-inflation-dips-in-3rd-quarter-2023\/","title":{"rendered":"Australians relieved as food inflation dips in 3rd\u00a0quarter 2023"},"content":{"rendered":"\n

Food and non-alcoholic beverage inflation in Australia <\/u><\/a>rose by the weakest margin  since September 2022 at 0.6% in quarter 3, 2023.<\/p>\n\n\n\n

Data by the Australian Bureau of Statistics (ABS) on October 25, 2023 groups food and non-alcoholic beverages among 6 other sectors that eschewed a general inflation rise of above\u00a01.2%<\/u><\/a>\u00a0between July 1 and September 30, 2023.<\/p>\n\n\n\n

The other sectors\u2019 rises include home furnishings (-0.8%), education (-0.4%), recreation\/culture (0.2%) clothing\/footwear (0.4%) and health (0.8%). The costliest group was transport whose inflation rose by 3.2% while rental services scored worst in annual inflation at 7.4% this September.<\/p>\n\n\n\n

Bringing with it price cuts on supermarket shelves, Q3\u2019s simmered down food inflation increased food purchases from Woolworths and Coles.<\/u><\/a><\/p>\n\n\n\n

In quarter 3, shelf costs at Woolworths spiked by only 2%, down by 3.2% from the quarter ending June 30. Adjustment in food prices such as lamb, which in September\u00a0fell by 10%<\/u><\/a>, drove the sales of groceries by 6.4%.<\/p>\n\n\n\n

The softening in prices could have been even sharper had the cost of snacks not risen by 2.1% in September. Fruit and vegetable prices, however, ameliorated this gain on takeaway food by falling by an impressive 3.1%.<\/p>\n\n\n\n

Aussie mega grocers link the recovery in sales to reigning fair weather, which saw farming activities pick up and costs decrease.<\/p>\n\n\n\n

This is despite meat producers citing supermarkets as escaping trade parity by not adjusting prices by real-time market margins.<\/p>\n\n\n\n

Annual Australia\u2019s Food Inflation eases Marginally<\/strong><\/strong><\/h3>\n\n\n\n

Australia\u2019s inflation still stands high although lower on a quarter-on-quarter basis from that of 2022. The September 30 Consumer Price Index (CPI) inflation was 5.4%, while that on June 30 was 6%. This shows drastic improvement from the peak of 7.8% in December 2022.\u00a0<\/p>\n\n\n\n

Of all CPI sectors, Australia\u2019s food inflation has been among the worst this year but recovered in Q3, 2023. At 4.8% in September 2023, it was actually lower than overall inflation of 5.4%. <\/p>\n\n\n\n

In the previous quarter ending June 30, food inflation outstripped CPI inflation, at 7.5% against the 6% mean. It had also been as high as 9.2% in December 2022\u00a0vis-\u00e0-vis\u00a0the record CPI inflation of 7.8% of that month.<\/p>\n\n\n\n

Q3 of 2023 marks the first time food and non-alcoholic beverages\u2019 inflation has gone lower than overall inflation in months.<\/p>\n\n\n\n

ABS attributes this to cooling price rises across\u00a0all food categories<\/u><\/a>, including price slashes in fruits and vegetables. The cost reprieve has therefore effectively recouped consumer purchasing power.<\/p>\n","protected":false},"excerpt":{"rendered":"

Food and non-alcoholic beverage inflation in Australia rose by the weakest margin  since September 2022 at 0.6% in quarter 3, 2023. Data by the Australian Bureau of Statistics (ABS) on October 25, 2023 groups food and non-alcoholic beverages among 6 other sectors that eschewed a general inflation rise of above\u00a01.2%\u00a0between July 1 and September 30, 2023. The…<\/p>\n","protected":false},"author":3,"featured_media":19424,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"yoast_head":"\nAustralians relieved as food inflation dips in 3rd\u00a0quarter 2023 - Selina Wamucii | Food & Agriculture News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.selinawamucii.com\/news\/2023\/10\/27\/australians-relieved-as-food-inflation-dips-in-3rd-quarter-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australians relieved as food inflation dips in 3rd\u00a0quarter 2023 - Selina Wamucii | Food & Agriculture News\" \/>\n<meta property=\"og:description\" content=\"Food and non-alcoholic beverage inflation in Australia rose by the weakest margin  since September 2022 at 0.6% in quarter 3, 2023. 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