Annual consumer price inflation pulled back in August, easing to 3,3% from 3,5% in July. Softer food and fuel inflation took some of the heat off the headline rate.

The monthly change was also lower. The consumer price index (CPI) decreased by 0,1% between July and August, with four of thirteen categories in the inflation basket registering monthly declines. These were food & non-alcoholic beverages (NAB) (-0,1%); furnishings, household equipment & routine maintenance (-0,1%); transport (-0,2%); and information & communication (-0,2%).

Food and fuel inflation edge lower

Annual inflation for food & NAB subsided to 5,2% from 5,7% in July. Several categories recorded lower rates, including cereal products; fish & other seafood; milk, other dairy products & eggs; fruits & nuts; and vegetables.

The rate for cereal products retreated from 2,1% in July to 1,5% in August. Some staples are cheaper than a year ago, including hot cereals (-7,8%) and white rice (-7,2%). Bread and pasta products recorded zero or low price increases. Examples include white bread (0,0%), brown bread (+0,4%), macaroni (+0,5%) and spaghetti (+0,6%). Some items are notably more expensive, such as samp (+14,8%) and maize meal (+8,2%).

Beef products continue to register high annual rates. However, monthly price increases in August are the lowest since April this year.

Beef mince recorded a 12-month change of 27,2% and a monthly rise of 0,2%. Stewing beef reached an annual rate of 32,3% while its monthly change was 0,6%. Beef steak prices were 28,6% higher than a year ago but down by 1,2% between July and August. These low monthly changes follow factory-gate inflation of -7,8% in July for beef carcasses.

The price index for milk, other dairy products & eggs declined by 1,1%, the lowest annual print since March 2011 when the rate was -1,4%. Prices for fresh full-cream milk decreased by 2,9% between August 2024 and August 2025.

The annual rate for fuel was -5,7%, down from -5,5% recorded in July. Petrol prices (inland 95-octane) decreased by 28c per litre, resulting in a 1,3% monthly decline. Diesel prices increased by 2,5% between July and August.

The graph below shows food and beverage products that registered notable price changes in August. Beetroot prices are sharply higher than a year ago, although they  witnessed a decline between July and August. Products that recorded significant annual price decreases include potatoes, eggs, white rice, hot cereals and corned meat.

Non-food and beverage items that registered sharp annual increases include books (+30,8%), movie tickets (+15,9%) and video games (+14,7%).

For more information, download the August 2025 CPI statistical release and associated Excel files with indices and average prices here.

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