Basic Food items up 6.8%pa

Today the ABS released a list of retail prices for 50 common food items in all 8 capital cities for September quarter 2007. This list was first published in December 2004. Since the quantity of items is constant it's an easy way to track this component of living cost. Average price rise across all capitals and the 50 items is 6.8%pa.

Some eye raising price rises are 29%pa for toilet tissues, 16.1%pa for a case of beer, 28.7% for bananas and 45.5%pa for toilet soap. Prices fell for only one item on the list which was a leg of pork which fell in price by 0.6%pa to $6.89 a kilo. This is pretty amazing given the crisis in pork supply in China which has seen the price of pork there rise over 40% this year and is pushing China's inflation rate as increasing incomes lift consumption.

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