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Prices on supermarket products set to rise
27 March 2022
According to the ABC, families can expect to pay more for fresh and frozen food
in coming weeks as the war in Ukraine and floods in NSW and Queensland
continue to put pressure on suppliers.
Richies IGA chief executive Fred Harrison said the price of fresh broccoli had
jumped to $7 a kilogram and that processors were “battling” to get frozen
vegetables into supermarkets.
“Vegetables are very scarce at the moment due to the floods,” he said.
“So we’ve seen cabbages, potatoes and broccoli in particular jump 75 per cent
compared to a couple of weeks ago.”
Fruit and vegetable prices are set to remain high for at least six months, Mr
Harrison said, with frozen vegetable prices also set to rise.
”Frozen vegetables have not recovered from the pandemic,” he said.
”I’ve got no doubt those suppliers are going to put price increases through the
system, but that will take a few months to come through.
“There is going to be a shortage of frozen products in the next couple of months,
but it will still be relatively cheaper than buying fresh produce.”
Rabobank has forecast possible red meat price increases due to supermarkets
not being able to offset high beef and lamb prices with previously cheaper
“We’ve seen beef prices rise quite dramatically over the past few years,” animal
proteins analyst Angus Gidley-Baird said.
“To a certain extent retailers and consumers have been able to accommodate
these increased prices, but when we see all the other food categories starting to
lift consumers may not be willing to spend as much on meat.”
Chicken prices had been “steady”, Mr Gidley-Baird said, but high feed costs due
to the war in Ukraine may be factored into the future cost of products.
Consumers could expect regular price increases for other essential grocery items
in coming months too, Mr Harrison said, as high fuel prices and other input costs
affect the supply chain.
Adelaide, South Australia