Australian Inflation Rate: Grocery Prices ‘Up Almost 10%’
- May 25, 2023
- 1 min read
The price of food and grocery prices at Coles and Woolworths rose by an annualised 9.6% increase in April, according to new data by invest bank, UBS.
The data, which has been disputed by the supermarket giants, challenges the notion that inflation has peaked. The official inflation rate is at 7%, down slightly from its 30-year high of 7.8% for the December quarter of 2022.
According to the report, dairy prices rose by 14%, including a 24% lift in cheese and and 18% rise in butter. Meanwhile, meat was 10% more expensive, with pork leading the price surge at up to 16%. UBS tracked 60,000 products from both Coles and Woolworths, who control two-thirds of the grocery market.
UBS analyst Shaun Cousins noted: “The increasing rate of food inflation is a surprise, and inconsistent with the declines reported by Coles and Woolworths in the third quarter.”
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