July 20, 2022
Prices for beef 14% up in Australia's top supermarkets
Frugl Grocery, a comparison app, found that grocery price inflation increased 6.75% in the final quarter of the 2021-22 financial year at leading Australian supermarkets such as Coles and Woolworths, with beef prices up 14.6%, its highest yearly rise in the country, 9News reported.
Both the frequent flooding in produce-growing regions and the high demand for global commodities like fuel, energy, and packing materials are to blame for the price increases.
Sean Smith, CEO of Frugl, said prices are still historically high compared to this time last year, and suppliers are warning that they will be raising their prices so retailers will be forced to pass these costs onto consumers later in the year, adding that grocery prices have actually remained relatively stable compared to the previous quarter.
Prices rose by a "unprecedented" amount in March, but despite growth slowing since then, there has been no indication of a turnaround. With the exception of the Northern Territory, where they are marginally higher, shopping costs are generally the same across the nation.