Australian consumers are paying up to twice as much as three years ago for basic products such as olive oil and frozen peas.
New analysis from Compare the Market has found that no high street has avoided the impact of inflation since 2021, with prices of common items rising by 40 per cent.
The worst offender was Monini Classico Extra Virgin Olive Oil, which rose in price from $12 in 2021 to $24 this year thanks to the drought and fires in Europe.
Meanwhile, a bag of mixed vegetables from McCain will now cost you 54 percent more, up from $2.60 to $4.
Shoppers pay twice as much for everyday items, while prices rise by as much as 40 percent (stock image)
The price of basic products has risen dramatically due to high inflation, putting pressure on the costs of basic products
The price of Bega Lekker Cheese Block increased by $2.50 (31 percent), Red Rock Deli Sea Salt chips increased by 35 percent, while the cost of a 375 ml pack of Coca-Cola increased by 10 percent by 32 percent. increased.
Compare Market’s Chris Ford said that while an increase of a few dollars didn’t seem like much, it had a big impact on a household’s weekly budget.
“We know the big supermarkets are trying to lure customers by fixing or cutting prices, but our analysis shows that many of the essentials we shop for every week have actually increased since last year,” he said.
“At a time when we’re seeing energy bills skyrocket, petrol market pain and insurance premiums rising, the last thing we want is for Australians to spend more than they need to on everyday items they need.”
The price of groceries impacts the weekly budget of thousands of Aussie families across Australia
He said recent extreme weather conditions and a possible increase in shipping costs would also contribute to higher checkout prices at this time.
“That’s why it’s more important now than ever before that Aussies take back control, wake up to waste and pay as little as possible for the groceries we need.”
Shoppers are being urged to shop around before heading to the store to ensure they get the best price.
Supermarket prices have become a political lightning rod in recent weeks as the government moves to convince voters of its record on the cost of living.
Rising shipping costs and extreme weather are also wreaking havoc on food prices
A review of the Food and Grocery Code, which governs the relationship between retailers, wholesalers and suppliers, is currently underway.
Prime Minister Anthony Albanese told reporters on Tuesday that he was “concerned” about the prices consumers were paying at the major supermarket giants.
The government has left the door open to ordering the Australian Competition and Consumer Commission to launch an investigation, but indicated the watchdog is “closely” considering legal action over misleading pricing.
‘We want to ensure that people pay the lowest possible prices when they get to the checkout. That is our priority, along with other measures to help people,” Albanese said.