‘Don’t be shocked’: Grocery prices to jump higher, experts warn | hijessicayun
and transportation, while Russia’s war on Ukraine has exacerbated matters by reducing global supply of oil and wheat.
Farmers and retailers have tried to absorb these rising costs over the past few months, Smith said. But “our view is that they’ve really reached breaking point, and they just can’t absorb any more”.Soft drinks, instant coffee, cooking oil, some canned goods and beef sausages are among the grocery items that have seen the sharpest price rises.
National Farmers Federation chief economist Ash Salardini pointed to the long-lasting impacts of Russia’s invasion of Ukraine. Together, the two countries make up 30 per cent of global grain supply and are“Things like bread, anything that requires wheat – I daresay you’re going to be paying 20 to 30 per cent more,” Salardini told this masthead.Most of that has already been priced in, but there’s further to go, he said. “Don’t expect any drops in the next 12 months.
Smith believes the cost of fresh produce will climb. “I don’t think this is coming. It’s happening now,” he said. “The fresh aisles ... are just quite bare.” This will push up demand elsewhere. “If there’s a shortage in fresh [produce] – there’ll be a shortage in frozen as well.”
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Emotional support pets: experts warn of animal welfare riskExclusive: Focus on human needs must not result in impact on animals being overlooked, say researchers
Read more »
Cryptocurrency and tax: could you end up paying the ATO more than you earned?A lot of investors don’t understand their liability, warn tax agents, while others call for the complicated Australian system to be overhauled
Read more »
Weaker mortgage lending will cut housing valuesThe decline in housing prices will accelerate as higher interest rates and weaker household confidence drive a retreat by consumers from the home loan market.
Read more »
Some energy retailers are encouraging customers to leave amid the power crisis. Why is this?You wouldn't expect a business to shut out customers or tell them to look elsewhere, but that's exactly what's happening. EnergyCrisis ausbiz PowerCrisis
Read more »
Woolies and Big W to phase out reusable plastic shopping bagsThe supermarket giant says 80 per cent of its customers are already bringing their own bags when doing their groceries, but acknowledges the change 'may be an adjustment'.
Read more »
Banks unlikely to sting mortgage holders with higher rates than RBABank profit margins are already benefiting from rising interest rates, while returns on most retail term deposits languish well below those offered to bigger investors.
Read more »