ANZ report flags Australians shift to cheaper grocery options as food prices stay elevated

ANZ’s Q3 2026 Food for Thought analysis flagged uneven food inflation across Australian households, driven by differing grocery baskets.

• Vegetable prices rose nearly 65% since 2017; beef and veal increased almost 60%, versus about 32% for overall inflation.
• Consumers are shifting demand via brand switching, protein substitution, meal planning around promotions, and reduced discretionary purchases.
• Pricing dispersion is widening between promotion-led shoppers and full-price buyers, reshaping volume mix and category performance for food retailers.