Powered by momentummedia
nestegg logo
Powered by momentummedia
nestegg logo
nestegg logo

Save

Grocery price hike linked to lack of water

By Grace Ormsby · February 18 2020
Reading:
egg

Save

Grocery price hike linked to lack of water

By Grace Ormsby
February 18 2020
Reading:
egg
Grocery price hike linked to lack of water

Grocery price hike linked to lack of water

author image
By Grace Ormsby · February 18 2020
Reading:
egg
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:

Advertisement
Advertisement
  • 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.

 

Grocery price hike linked to lack of water
Grocery price hike linked to lack of water
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article
author image

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Join the nestegg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

Why we’ll keep delivering for our communities in the face of COVID-19

alex

As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of Nest Egg.

Read more

From the web

Recommended by Spike Native Network

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.