Retail price inflation accelerated in the December 2021 quarter, albeit the increase was not uniform across all categories. Red meat, health & beauty, hardware, furniture and auto parts all had high inflation, while fruit, appliances and clothing prices all fell year on year. Supermarket inflation only accelerated by 30bp in the quarter. We expect more noticeable price rises in categories like supermarkets, sporting goods and electronics in the first-half of calendar 2022.