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The Agribusiness Outlook report for 2020 has predicted that Australia’s agriculture industry currently faces a multi-year rebuild due to drought and bushfires, and consumers can expect to see the prices of some foods rise as a result.
The report, completed by Rabobank, explains that production volumes are down across the board for the 2019/20 growing season, with poor winter crops, cotton production slashed and meat and dairy reduced due to falling herd numbers, which means the cost of these items may rise.
The report predicts that:
- Wheat prices will rise by up to 4%
- Milk may experience a slight increase
- A low supply of beef I set to increase prices
- Lamb prices may fall slightly
- The price of sugar may rise
- The demand for fresh fruit and vegetables remain strong, but prices may increase to reflect demand
Shopping for fresh food staples may soon rise, so it pays to shop around to ensure you’re getting the best price this year.
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