Australian inflation figures released last week showed that, in the twelve months to August, the cost of living rose by 6.8 per cent. A significant contributor to that figure was the cost of food and drinks and fruit and vegetables, in particular, are buoying that rise, increasing from 9.1 per cent in June to 18.6 per cent in August.
That means that, for many, the cost of fresh fruit and vegetables is too much. And this, in turn, has led to Australian growers just dumping mounds of oranges that couldn’t be sold at market.
Household budgets have come under increased pressure over the past year as inflation rises. Comparison website Finder last month found that groceries were the second-highest bill stressor for Australian families. Finder senior money editor Sarah Megginson said rising bills will be a “bitter pill to swallow” for those already doing it tough. Moreover, inflation is expected to continue rising over the coming months, due largely to global economic factors.