Latest News

Classic Hits Mornings

Pinch Those Pennies - Grocery Prices Have Risen 3x What The Minimum Wage Did

healthy

Money; it's a fickle thing. It comes and goes. Sometimes it goes a bit too quickly, and it comes a bit too slowly.

Bad news for us, it's only getting harder. 

With the recent bushfires affecting not only our natural environment but also our agricultural spoils, the price of food is increasing. 

According to Picodi the cost of basic food products have increased by 6.24%. They've outlined some stock standard purchases for an average person per month, getting the minimum nutrients. 

  • Milk (10 litres) — AU$15.40
  • Bread (10 loaves, 500 g each) — AU$26.90
  • Rice (1.5 kg) — AU$3.95
  • Eggs (20) — AU$7.13
  • Cheese (1 kg) — AU$9.61
  • Poultry and beef (6 kg) — AU$80.61
  • Fruits (6 kg) — AU$23.26
  • Vegetables (8 kg) — AU$29.31

The total price of basic food products amounts to a grand total of AU$196.17. Almost $200 per month, which I think is conservative because I definitely spend more than that per month. 

The monthly net pay in Australia is also estimated to be $2813 per month, so this cost represents just over 7% of a monthly wage. 

We can all take solace in the fact that despite an increase in the basic food prices, this cost is one of the lowest compared to minimum wage. 

Australia, the UK and Ireland are the top 3 countries for affordable basic food products. 

Canada was ranked 9th (11%), the US ranked 12th (14.1%), South Korea placed 17th (17.1%) and Russia came in at 44th (44.8%).

Cost of living is going up, so hopefully we can be a bit more savvy with our spending - lord knows I need to stop buying chocolate not just for my body's health, but my wallet's health too!

Find out more interesting stats here.