Beef and lamb price at supermarkets, butcher
Lamb prices have dropped more than 12 per cent at supermarkets in the past year. Here’s how red meat prices compare.
Lamb prices are leading the price falls at major supermarkets, with a 12.3 per cent drop in pricing since last year.
The indicative retail lamb price has fallen to $16.11/kg for the first quarter of 2024, down from an average $18.38/kg in 2023, according to Australian Bureau of Statistics data compiled by Episode 3.
The retail beef price for the first quarter of 2024 is at $25.40/kg, down from an average of $26.38/kg in 2023 and almost $1/kg lower than the September quarter price of $26.19.
Interestingly, both pork and chicken retail prices increased slightly, with poultry prices at $6.45/kg in 2024, up from $6.44/kg, and pork was at $14.58/kg in 2024, up from $14.12/kg.
Looking at the food inflation data from ABS, the indicator changes from the last quarter of 2023 to the first quarter of 2024 shows beef is down 1.6 per cent, lamb 0.9 per cent, poultry up 0.2 per cent and pork up 0.5 per cent.
On an annual basis, the average indicator for 2023 compared to 2024 shows lamb has fallen the most with a 12.3 per cent drop in pricing.
Episode 3 founder and director Matt Dalgleish said the price correction at the saleyards has now made its way through the retail sector.
“We did start to see easing of pricing last year, but it can take six to nine months to flow through to retail,” Mr Dalgleish said.
He said there had been a lot of price discounting (through specials) for lamb at supermarkets, which is “used as a lure to get people in”.
“If you look at the quarterly changes, they are small, so the correction in the lamb market might have run its course now. Lamb isn’t that far above pork now.”
He said there has also been a strong increase in export demand out of Australia for lamb and beef, so there was “no need for it to be discounted further at retail the end”.
Comparing popular cuts of meat at the major supermarkets shows lamb leg roasts at Woolworths have come down from $15/kg in June 2023 to $10/kg currently, and at Coles the same cut is at $9/kg, down from $10/kg in August 2023.
While lamb cutlets were cut for promotional specials by both Coles and Woolworths late last year, both supermarkets have put those prices back up to $43/kg.
Woolworths 1kg beef mince is at $11/kg, which has been stable since November 2023, while at Coles 1kg beef mince is also stable at $11/kg.
Meanwhile, for independent butchers pricing has been fairly consistent.
Healesville butcher Stephen Hollis, of Main Street Quality Butchers and Smokehouse, said prices for beef, purchased from wholesalers, had actually gone up due to strong export demand from the United States.
“The US export market is taking porterhouse, rumps and scotch fillet, all the sweet cuts,” Mr Hollis said.
Mr Hollis said they did not adjust their prices a lot.
“We take the brunt of the price rises when they change, so it isn’t passed onto consumers, but now when it has got slightly cheaper again it evens out.”
He said lamb prices had come “down a bit” but he was still buying at $8.50/kg from the wholesaler.
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