00:00G'day there, Matt Douglas with a quick update on food inflation for the month of March.
00:04We saw a bit of an increase to fruit and veg. Fruit prices up 3.2% over March and
00:10vegetables
00:10up 2% over March. So they were the leaders in terms of food inflation during the month.
00:15Not a huge amount of impact for fuel and fertiliser, slowing through yet to food prices.
00:20We saw some categories drop a little bit as well. Fish down 0.6% and cheese down 0.4%.
00:26So there's a little bit of relief in those ones. Most of the other categories are kind of
00:30half a percent or thereabouts, maybe leading towards a 1% increase. So nothing much there
00:36flying through in terms of food and inflation for certain fuel, kind of underpinning those
00:41prices just yet. When we look at the yearly though, some of the prices for some categories
00:45have already exceeded the 2% to 3% CPI, the RBA targets. So categories like coffee and tea
00:52annually are up 4.8%. Alcohol is up 3%. The big rises are lamb, sheep meat prices, goat
00:59prices up nearly 8%. And beef prices up 8.3%. So the red meat proteins going quite strong on
01:06a year on year basis, but haven't been very strong month to month. That's it for a bit
01:10of an update on food inflation. Wait and see how the months transpire as we head into April,
01:15March, kind of middle of the year. And what happens with the fuel scenario and the first scenario,
01:20some of those cost price squeezes are going to start to flow through to inflation at the
01:24food for the retail level, I expect. See you when you've got nothing on.
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