Australia’s cost of living on the rise

Mar 12, 2022
The price of groceries has risen in the last year along with the cost of living. Source: Getty Images.

Official data has revealed a “shocking” rise in the price of grocery products, as claims the cost of living has also skyrocketed.

Consumer network One Big Switch examined the price of products on shelves at Woolworths and Coles and compared them from one year ago, finding a rise in the cost of meat, pantry items and drinks.

Drinks saw a price of  7.7 per cent while fruits and vegetables along with pantry items followed by close behind with a 5 per cent increase.

Meat products also saw a considerable price increase with diced beef rising by 22 per cent in cost and basic beef mince up by 14 per cent.

With recent intense weather events and the ongoing effects of the Covid-19 pandemic, the chances of prices going down anytime soon seem slim as disruptions to the national food supply continue.

A recent report from Farmers for Climate Action claims as climate change worsens Australians will continue to pay more at the supermarket.

Food resilience expert and author of the report, Stephen Bartos told news.com.au “food prices are inevitably going to rise.”

“We are already seeing that one of the immediate impacts is the cost of lending, and insurance is going up in the food supply chains and those costs have to be passed on to consumers,” he said.

Australia’s Prime Minister Scott Morrison confirmed the grim news in a recent speech to the AFR Business Summit on Tuesday, March 8.

“Food and grain prices are rising, which will pose challenges to lower income economies, including many in our own region,” he said.

“Petrol prices in Australia have risen, like they are elsewhere. At the bowser it’s now about 185c, a bit higher in my part of Sydney down in the Sutherland Shire, a litre, and on average in metro areas. We are not immune from the negative impacts of Russia’s invasion of Ukraine on global growth as well.”

Despite the economic struggle, Morrison revealed Australia is well equipped to manage the challenge.

“At least in relative terms, Australia remains very well-placed to manage this shock,” he said.

 

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