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Grocery price hike linked to lack of water
The drought has been blamed for an “acceleration” in the cost of living as evidenced by the price of a number of common grocery items in a very short period.
Grocery price hike linked to lack of water
The drought has been blamed for an “acceleration” in the cost of living as evidenced by the price of a number of common grocery items in a very short period.
The Association of Superannuation Funds of Australia’s (ASFA) most recent retirement standard from December 2019 has highlighted an acceleration in the cost of a number of common food items, which has followed through to a higher cost of living for retirees.
According to ASFA CEO Dr Martin Fahy, the drought is mainly to blame for the increased cost of food, which saw an overall increase of 2.6 per cent over a 12-month period from December 2018.
While the recent rains have been welcomed by farmers, Dr Fahy said the water won’t provide any relief for consumers, with meat prices “likely to increase even further as farmers hold back their breeding stock from the market”.
Across the 12 months to December 2019, here’s how prices of common grocery items have fared:
- Beef prices up 8.2 per cent;
- Pork prices up 7.9 per cent;
- Cereal products up 2.8 per cent;
- Milk prices are up 6.4 per cent while cheese costs are up 5.7 per cent;
- Bread prices have moved upwards 3.1 per cent while cake is now 4.5 per cent more expensive; and
- Poultry prices are now 3.2 per cent higher than they were 12 months ago, while the price of eggs has pushed up 5.2 per cent.
The drought’s impact is even more alarming when comparing figures over a three-month period.
From the September quarter to the December quarter, ASFA observed a 6.8 per cent rise to fruit prices while beef and veal prices pushed up 2.9 per cent.
According to ASFA, drought conditions have also impacted the price of grapes, melons, onions, potatoes, rice and prawns.
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