The rising cost of Christmas Dinner
As Australians begin to prepare for the festive season, thoughts naturally turn to the prospects of a substantial meal to celebrate Christmas. Unfortunately, the traditional Christmas dinner will likely make a bigger dent in household budgets this year, with the costs of a specially weighted* “Australian Christmas Dinner Index” rising by 2.2% through to September. The increase represents the fastest annual increase in the cost of Christmas dinner since 2012.
Since 1989, the cost of Christmas dinner has risen by 92%. All the underlying components of the Australian Christmas Dinner Index have risen over the course of 2019, with the following registering the largest price increases:
- Poultry (+4.2%)
- Vegetables (+3.1%)
- Pork (+3.0%)
For those that enjoy a seafood dinner, fish and other seafood prices have risen by 0.8% since last Christmas. Snacks & confectionary rose by the least amount, registering a 0.2% increase.
Australian Christmas Dinner Index
Source: Fidelity International, Australian Bureau of Statistics, December 2019. Index = 5% bread, 10% cakes and biscuits, 20% pork, 15% poultry, 15% fish and other seafood, 10% vegetables, 10% snacks and confectionary, 15% alcoholic beverages. 2019 = as at end September.
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Anthony Doyle is Head of Investment Strategy for the Firetrail S3 Global Opportunities Fund. His primary responsibilities include fundamental idea generation, portfolio analysis, and economic insights including currency and macroeconomic risk...