New Consumer Price Index data released by the Australian Bureau of Statistics shows Australia’s headline inflation rate climbed to 4.6 per cent in March 2026, the highest annual level since September 2023. However, according to Rabobank analysis, food price inflation remained relatively stable at 3.1 per cent year-on-year, where it has stayed for the past 10 months. Michael Harvey said meat prices, particularly beef and lamb, along with out-of-home meals, were major contributors to ongoing food inflation. Coffee prices also jumped 10.7 per cent over the year due to global supply pressures. Rabobank warned that higher costs linked to Middle East conflict disruptions could place additional pressure on food supply chains and consumer prices in the coming months.