Shock price of pantry staples revealed
Australian shoppers are paying up to twice as much as they were three years ago for pantry staples such as olive oil and a bag of mixed peas and corn.
Fresh analysis by Compare the Market has revealed no shopping aisle has avoided the impact of inflation since 2021, with prices of common items jumping 40 per cent.
The worst offender was Monini Classico Extra Virgin Olive Oil, which has jumped in price from $12 in 2021 to $24 this year thanks to drought and fires in Europe.
Meanwhile, a humble bag of McCain mixed vegetables will now set you back 54 per cent more, up from $2.60 to $4.
The price of Bega Tasty Cheese Block jumped $2.50 (31 per cent), Red Rock Deli Sea Salt chips are up 35 per cent, while the cost of a 10-pack of Coca-Cola 375ml rose 32 per cent.
Compare the Market’s Chris Ford said while an increase of a few dollars didn’t seem like much, it had a major impact on a household’s weekly budget.
“We know that the big supermarkets are trying to lure in customers by locking in or dropping prices, but our analysis shows that many of the essentials we shop for each week have actually increased since last year,” he said.
“In a time where we’re seeing energy bills skyrocket, feeling pain at the petrol bowser and seeing insurance premiums rise, the last thing we want is for Australians to be forking out more than they need to on everyday items they need.”
He said recent extreme weather events and a potential increase to shipping costs would also contribute to higher checkout prices at the moment.
“Which is why it’s more important now than ever before for Aussies to take back control, wake up to waste and pay as little as possible for the groceries we need.”
Shoppers have been urged to shop around before they head in store to make sure they are securing the best price.
Supermarket prices have become a political lightning rod in recent weeks as the government scrambles to act in a bid to convince voters about their record on the cost-of-living.
A review into the food and grocery code, which governs the relationship between retailers, wholesalers and suppliers, is currently under way.
Prime Minister Anthony Albanese told reporters on Tuesday he was “concerned” about the prices consumers were paying at the big supermarket giants.
The government has left the door open to ordering the Australian Competition and Consumer Commission to launch an inquiry – but indicated the watchdog was “closely” considering legal action about deceptive prices.
“We want to make sure that people are paying the lowest possible prices when they get to a checkout. That’s our priority along with other measures to assist people,” Mr Albanese said.
