It appears there's no respite for Australians as the cost of a host of supermarket staples continue to rise.
The latest product hit by inflation is olive oil. Shoppers have expressed their shock over the Woolworths own brand one-litre bottle, which has now hit a pricey $10, up $1.20 in just 12 months. Customers have described the latest hike "ridiculous".
What you should know
Why is this happening?
European olive producing countries have been badly affected by heatwaves, fire and drought, impacting the supply of olives.
Suppliers in Australia have also been hit by an "unusually cold and short" growing season. Sadly for shoppers, the frequency of adverse weather events that affect produce availability will only increase.
What are they saying?
Woolworths says it sources its olives from Spain. "Unfortunately, hot temperatures in the region both last year and this year have reduced supply, which in turn means the cost of production has increased," a spokesperson told Yahoo.
A Coles spokesperson said the supermarket also sources from Spain and the Mediterranean, which has suffered from its "worst harvest in 20 years". The spokesperson also delivered further bad news, revealing another price hike is likely later in the year. "Increasing the prices of products is not something we do lightly," they said.
What can I do?
Supermarkets often have specials on premium brands of olive oil, allowing shoppers to save on better quality products.
Shoppers are also urged to look at the cost per volume on the shelf tags, and can find that much larger, multi-litre containers for sale can prove to be far cheaper.
Savvy shoppers online have encouraged others to check out different stores such as the Reject Shop, who often offer cheaper prices.
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