The consumer price index data with rose 4.9% in the 12 months to July 2023 according to the Australian Bureau of Statistics, down from 5.4% in the 12 months to June. Housing (+7.3%) and food and non-alcoholic beverages (+5.6%) contributed to the annual increase, while price falls were noted for fuel (-7.6%) and fruit and vegetables (-5.4%).

Food inflation continues to ease across most categories, including for dairy and related products, with prices 12.7% higher in the 12 months to July, down from the 15% rise recorded for in the 12 months to June, and 15.1% to May. Inflation in meals and take away foods remains steady at 7.7% in the 12 months to July, identical to inflation in the 12-month period to both June and May.