Inflation figures are adding weight to the case that the Reserve Bank is now done hiking interest rates. November's inflation rate came in at 4.3 per cent. While that's the lowest level in almost two years, food costs are still high.
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00:00 It's $20, thanks.
00:03 Frank Papaluca is passing on discounts where he can.
00:07 Beef and pork are steady, but nothing's really going down at the moment.
00:11 The butcher is feeling for his customers who are facing higher mortgages and rent.
00:16 I'm in the same boat as well.
00:18 I've got a couple of kids and a family and we just, you know, we buy what we need.
00:22 The latest inflation data shows that prices overall went up 4.3% in the year to November,
00:29 while that is the lowest rate in almost two years.
00:33 Housing costs, including rent, shot up, along with power bills and insurance.
00:39 We know that inflation is still the defining challenge in our economy.
00:43 Although the latest figures do bode well for rate cuts this year.
00:47 We don't see any cuts until at least late 2024.
00:52 While the weekly shop isn't getting cheaper.
00:55 The CPI number for food inflation was trending lower, that's the good news.
00:59 The food price analyst is warning that fresh produce prices could go up again due to the
01:05 summer floods and that spikes are continuing on processed foods like imported cheese.
01:11 Every week that we put an order for suppliers, we notice we are going to pay more.
01:17 There's still persistent price spikes on everything from oil, bread, even eggs are still going
01:23 up in price.
01:25 And now this issue is getting increasingly political with several price gouging inquiries
01:30 underway.
01:32 Craig Emerson was today appointed to lead one of those reviews.
01:36 You've got consumers on the one hand who are feeling the pinch from a rising cost of living
01:40 and farmers on the other hand saying well they're not getting a fair price.
01:44 Coles and Woolworths say their prices are fair, although some shoppers here aren't convinced.
01:51 Their prices are crap.
01:52 There's no love.
01:53 It's like this place where there's clearly a link between the people and the food that
01:59 they're selling.
02:00 Supermarket bosses will front the Senate this year.
02:03 Amelia Terzon, ABC News.
02:06 Thanks for watching.