Australian families are forking out thousands of dollars more on groceries as the cost of living crisis continues, new analysis has revealed.
A recent Finder survey of more than 1000 households found the cost of a weekly grocery shop had jumped 25 per cent over the past year.
The average household now spends $185 per week on groceries, up from $148 in February 2022.
Finder money expert Sarah Megginson says the change adds up to an additional $1924 per year – $18.8bn nationally.
“Households are facing some very tough times and escalating grocery costs are an extra burden,” she said.
“Aussies are having to change how and where they shop just to keep food on the table.”
Ms Megginson said the cost of living crisis was placing a lot of pressure on budgets, with 43 per cent of those surveyed saying the bill is one of their most stressful experiences.
Those reporting groceries as one of their top three most stressful experiences has grown by a third since March 2022, reaching a record high since Finder began the survey in April 2019.
COST OF LIVING
The number of people concerned about grocery stress is on par with those worried about their rent or mortgage expenses.
The survey revealed younger generations were worried about inflation at the checkout more than older Australians.
Millennials are spending more than other generations – their weekly spend is $197 – compared with $149 for baby boomers, $187 for gen Xers, and $186 for generation Z.
Ms Megginson recommends stocking up when staples are on sale and sticking to a shopping list to help bring the bill down.
“Stick to a shopping list so you aren’t wasting money on unplanned purchases,” she said.
“If you can, go shopping later at night, an hour or two before the supermarket closes, when meat and poultry is discounted by up to 80 per cent.
“Stock up on staples when they’re on sale and compare prices of big-ticket items like washing detergent and pet food online.”
Grocery prices increased almost 10 per cent over the past year, with experts warning prices will continue to rise.
Australia’s National Food Supply Chain Alliance forecasts an 8 per cent increase throughout 2023.
