Food inflation is expected to hit a peak in the first half of this year – but don’t expect that to translate into lower prices either.
“The pricing action that we’ve seen come through dairy and beef, vegetable oils and all that sort of thing – they’re not likely to unwind really quickly,” said Harvey.
“La Nina is moving out really fast. The floods should ease those issues we had in 2021 and 2022 ... The signals we get from the Bureau of Meteorology are good ones when we think about supply,” he said. “I don’t think we will [produce prices] stabilise at least for the first half [of 2023] because there are just too many factors.”Drought conditions in the US have forced American cattle farmers to increase slaughter levels in recent months, hitting a 10-year high in November, meaning greater volumes of beef on the global market.
“We’re not expecting another round of price increases to come through, but we’re just not expecting prices to fall,” he said.
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