Frugl's Grocery Price Index (GPI) has revealed shoppers are taking the largest hits to the back pocket when purchasing house and cleaning products, beef, and dairy and eggs.
Frugl GPI unveiled the most significant quarterly increases to September 2022 were seen in the dairy and eggs and bread and bakery categories, up 9.05% and 4.94% respectively.
There was some relief compared to the previous quarter with fruit and vegetable prices declining by 6.55%.
However, this may be short lived as the recent flooding in Victoria and New South Wales will likely drive quarterly prices back up.
Managing Director and CEO of Frugl Sean Smith said shoppers should prepare for the upcoming expensive festive season.
“Being flexible with your shopping and switching to what’s in-season or trying cheaper cuts of meat can save you big, while using price comparison apps like Frugl to look for specials can help keep costs down,” Mr Smith said.
The report noted high fuel, energy, transport and labour costs, extreme weather, as well as the Russian invasion of Ukraine, are all contributing to rising grocery prices in Australia.
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Empty nesters and pensioners facing highest price rises
Analysing five groups, empty nesters and pensioners experienced the greatest quarterly grocery price growth of 6.43% and 3.92% respectively.
According to the data, empty nesters’ shopping basket costs have risen following an increase in the cohort's key purchases such as dog food, salmon, fillet steak, and lamb roasts.
For pensioners, low-cost staples such as white bread, margarine, instant coffee, and homebrand pantry products are seeing significant price increases.
On the other hand, uni students (-2.40%) and single professionals (-0.63%) have seen a small reduction in their total basket cost compared to the previous quarter.
Frugal GPI identifies empty nesters as a cohort of parents aged over 60 whose mature-aged children have finally left home, and still work either part time or full time prior to retirement.
Pensioners rely on either an Age or Disability pension and are budget-conscious shoppers.
Living essentials jump 19% in new data from Frollo
Data compiled from 55,000 users of personal finance app Frollo found Australians’ monthly spending on essential items such as rent/mortgage, groceries, fuel, and medical have jumped 19% in the last 12 months.
Compared to the July 2021 quarter, Aussies have spent 37% more on restaurants, cafes, pubs, and takeaway meals. However, many cities were in lockdown a year ago.
“The numbers show that many Australians are finding it challenging at the moment,” said Kris Davant, Head of Product at Frollo.
“Many of the things they’re spending more on are essentials like groceries, medical bills and utilities. With the holidays coming up, things will probably not get much easier any time soon.”
|Category||Quarter 3, 2021||Quarter 3, 2022|
Source: Frollo National Increases in Monthly Spending
See Also: How to save money on groceries
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