Australian fruit and vegetable prices fall
A drop in the price of fruit and vegetables in August 2011 has contributed to the lowest inflation rates for almost two years in Australia, according to a report published today by leading financial services provider TD-Securities.
According to TD-Securities’ Melbourne Institute, the price of fruit and vegetables in Australia fell by 1.6 per cent in August 2011, compared with a rise of 1.8 per cent in July 2011.
The TD-Securities Melbourne-Institute monthly inflation gauge dropped 0.1 per cent in August, after increasing by 0.3 per cent in July. The index showed rising prices for furniture and furnishings were offset by significant price falls in the fruit and vegetables category, as well as falls in holiday travel, accommodation, and computer equipment.
The fall in fruit and vegetable prices marks a ‘turned corner’ for many Australian fruit and vegetable suppliers who have been recovering from the summer flooding and Cyclone Yasi. In May 2011, Australian Food News reported on the soaring fruit and vegetable prices which followed the unseasonal weather.