Australia Inflation Rate

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%).