Aussies spend nearly $2,000 more on groceries annually

Australian families are spending $1,924 more on their groceries compared to last year as the country’s cost-of-living crisis deepens.

The steep increase became clear in a recent survey of the comparison portal Finder among more than 1000 households.

The average household now spends $185 a week on groceries, up $37 from February 2022.

That figure represents a 25 percent increase in weekly grocery shopping, totaling $18.8 billion nationally.

Steve Price of The Project said in Monday night’s episode that Australians are feeling the crisis on a daily basis.

“I just don’t know how families with three or four kids deal with that,” he said.

On average, Australian households are spending nearly $2,000 more a year on groceries than they did last year (stock image)

“Everything blew up. I think people buy cheaper cuts of meat or use leftovers to serve for lunch the next day.

He added that when you factor in increases in mortgage payments, installments, utility bills and gas, it’s “very hard for people.”

Co-host Waleed Aly pointed to a recent report that explained how supermarkets were among a list of companies contributing to inflation through “price gouging”.

“They take advantage of the inflationary environment to charge more than they do because of the additional costs they incur,” he said.

“I think the government has to make up its own mind about that.”

Exactly 43 percent of households listed groceries as one of the top three most stressful expenses, a Finder survey found.

Research by Finder found households shelled out $37 more for their weekly groceries, a 25 percent increase from February 2022 (stock image)

Nearly half of all households surveyed named food as one of the top three most stressful expenses (stock image)

The report also shows that millennials spend more than other generations. Their weekly spend is $197, compared to $149 for the Baby Boomers, $187 for Gen X, and $186 for Gen Z.

Money expert at Finder Sarah Megginson said households are facing “very difficult times” as escalating grocery costs become a massive additional burden.

“Aussies need to change how and where they shop just to keep food on the table,” she said.

Those living in Western Australia have seen the sharpest rise in their weekly grocery bills, which have risen by more than a third, while NSW residents are coughing up more than any other state.

Finder money expert Sarah Megginson recommended families stick to a grocery list, shop late at night and stock up on staples when they’re on sale to save money (stock image)

But there are several ways families can save money on their weekly grocery shopping.

Ms Megginson recommended sticking to a grocery list so you don’t “waste money on unplanned purchases”, shopping late at night when meat and poultry are up to 80 per cent off, and signing up for a supermarket’s rewards scheme.

She suggested households “stock up on basic groceries when they’re on sale and compare prices online for high-priced items like laundry detergent and pet food.”

Other ways households can save could be buying frozen or canned food, buying private label and avoiding specialty ingredients.

The price of groceries has increased by almost 10 percent in the past year.

Australia’s National Food Supply Chain Alliance forecasts an 8 percent increase in 2023.

Source: | This article originally belongs to Dailymail.co.uk