Prices of food and non-alcoholic beverages in Australia rose by 4.1 percent year-on-year in Q2 2020, after a 3.2 percent gain in Q1. It was the highest food inflation since Q3 2011, affected by the severe impact of the COVID-19 outbreak. Main upward pressure came from prices of beef & veal (7.1 percent vs 8.8 percent), pork (9.6 percent vs 8.5 percent), eggs (7.1 percent vs 6 percent), dairy & related products (5.7 percent vs 5.8 percent), vegetables (5.5 percent vs 5.1 percent), and fruits & vegetables (5.8 percent vs 3.6 percent), and oils and fats (3.7 percent vs 1.5 percent.
Food Inflation in Australia averaged 5.23 percent from 1973 until 2020, 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 October of 2020. source: Australian Bureau of Statistics
Food Inflation in Australia is expected to be 3.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Food Inflation in Australia to stand at 2.50 in 12 months time. In the long-term, the Australia Food Inflation is projected to trend around 2.10 percent in 2021 and 2.30 percent in 2022, according to our econometric models.