Grocery price hikes hit 10pc in past year

GROCERY prices in Australia have risen by almost 10 per cent in the past year, according to startling new research.

The data comes from Frugl Grocery Price Index, by the price comparison app of the same name, which found prices across six categories went up 9.49 per cent since 2021.

In the past quarter alone, inflation has resulted in spikes of 1.92 per cent.

This was most evident in increases seen for dairy and eggs at 9.05 per cent and bakery goods, which went up 4.94 per cent.

Price increases were high across the year as a whole, with house and cleaning products rising by 16.14 per cent and beef going up 14.44 per cent.

Dairy and eggs are now 13.72 per cent more expensive than 12 months ago, according to the research.

There is little price variation between regions, with the largest price increases found in the Northern Territory.

Particular products vary greatly between states as far as price rises and falls are concerned, such as butternut pumpkin, which reduced in price by over 20 per cent in NSW and WA and broccoli, which dropped the most in Queensland at over 60 per cent.

Managing director and CEO of Frugl Sean Smith said several factors were impacting products’ supermarket prices.

“Following crop recovery from floods earlier in the year, fruit and vegetable prices were driven down by a strong supply of in-season produce,” he said.

“However, this may be short-lived as more extreme weather is forecast, so shoppers should anticipate further price increases and supply shortages.”

Mr Smith also said shoppers were already starting to save for the upcoming festive season.

“There are some key takeaways for shoppers as we head into the expensive festive season; being flexible with your shopping, switching to what’s in-season or trying cheaper cuts of meat can save you big,” he said.

FRUIT AND VEGETABLE PRICES WERE DRIVEN DOWN BY A STRONG SUPPLY.