Australian prices are rising, rising, rising!High prices may last for half a year

2022-04-21 0 By

The virus has not subsided, the war in Ukraine is still continuing, the flood crisis in Australia has not passed, but now we seem to have no time to worry about these, because now even eat a little problem….Rocco Tripodi has been running a fruit and vegetable stall in Melbourne’s Vimar Market for years.In recent weeks, he raised the price of strawberries from A $2.50 a box to A $3, and soon from a $4 to A $5.The price of green beans has soared over a similar period, rising about 30 per cent to A $15.99 a kilogram.While fruit and vegetable prices vary from season to season, Tripodi said what he saw was “worrisome.””We need to pass on costs.And suppliers have just emailed to say we’re going to be raising prices by 50 to 100 per cent on some items starting in April.”Another shopkeeper at the market spoke of rising wheat prices.Both Ukraine and Russia are key exporters of wheat, and the war in Ukraine has affected the commodity.Mary-jane Caiafa’s bakery uses Australian wheat, but her suppliers say the cost of making bread and pastries is likely to rise.”We are concerned that the price of a loaf of bread may increase from A $5 to about A $10.”Normally, big supermarket chains are unlikely to raise prices because their supply chains are bigger and can absorb the extra costs, but in recent weeks Brad Banducci, the boss of Woolworths, has predicted a 2% to 3% rise in overall prices.Ritchies IGA, a smaller supermarket chain, this week warned of a 75 per cent jump in the price of some fresh fruit and vegetables because of floods and shortages of frozen food.The supermarket warned that the trend could continue for months.SPC, a maker of canned goods in Victoria, said this month that prices for its products would rise because of higher prices for materials such as oil and wheat.This could cause the average price of a can of baked beans to rise from A $1.70 to a $2.20.Looks like you’re going to have to tighten your belt for the next few months.