A recent survey by the comparison website Finder has revealed that Australian families are spending $1924 more on their groceries compared to last year, as the country’s cost of living crisis continues to spiral.
The average household now spends $185 per week on groceries, which was $37 more than in February 2022.
That figure equates to a 25 per cent increase in the weekly grocery shop, totally $18.8 billion nationally.
The steep increase in grocery costs has made life difficult for everyday Aussies, and the Finder survey found that 43 per cent of households listed groceries as one of their top three most stressful expenses.
Money expert at Finder, Sarah Megginson, said households are facing some ‘very tough times’ as escalating grocery costs become a massive extra burden.
She suggested several ways families can save money on their weekly grocery shop, such as sticking to a shopping list, shopping late at night when meat and poultry is discounted by up to 80 per cent, and signing up to a supermarket’s rewards program.
Ms Megginson also recommended stocking up on staples when they’re on sale and comparing prices of big-ticket items like washing detergent and pet food online.
Other ways households can save include buying frozen or tinned food, buying store brands, and avoiding speciality ingredients.
The Project’s Steve Price said on a recent episode that it was ‘very hard for people’ when you factor in increases in mortgage repayments, rates, power bills, and petrol.
Co-host Waleed Aly referred to a recent report that explained how supermarkets were among a list of businesses contributing to inflation through ‘price gouging.’
He added that he thinks the government needs to form a view on that.
According to the Finder survey, millennials are spending more on groceries than other generations, with their weekly spend being $197, compared with $149 for baby boomers, $187 for gen Xers, and $186 for generation Z.
Those living in Western Australia have witnessed the sharpest jump in their weekly grocery bills, which have risen by more than a third, while NSW residents are coughing up more than any other state.
In conclusion, grocery costs have increased by almost 10 per cent over the past year, and Australia’s National Food Supply Chain Alliance forecasts an 8 per cent increase throughout 2023.
While it may be difficult to cope with rising costs, there are ways to save money on groceries, such as shopping late at night, buying in bulk, and choosing frozen or tinned food.