Frugl's Grocery Price Index (GPI) has revealed shoppers are taking the largest hits to the back pocket when purchasing house and cleaning products, beef, and dairy and eggs. 

Grocery price comparison app Frugl analyses price changes over time on everyday grocery items at Coles and Woolworths.

Frugl GPI unveiled the most significant quarterly increases to September 2022 were seen in the dairy and eggs and bread and bakery categories, up 9.05% and 4.94% respectively.

There was some relief compared to the previous quarter with fruit and vegetable prices declining by 6.55%. 

However, this may be short lived as the recent flooding in Victoria and New South Wales will likely drive quarterly prices back up. 

Managing Director and CEO of Frugl Sean Smith said shoppers should prepare for the upcoming expensive festive season. 

“Being flexible with your shopping and switching to what’s in-season or trying cheaper cuts of meat can save you big, while using price comparison apps like Frugl to look for specials can help keep costs down,” Mr Smith said.

The report noted high fuel, energy, transport and labour costs, extreme weather, as well as the Russian invasion of Ukraine, are all contributing to rising grocery prices in Australia.

See Also: Top apps for saving money on groceries

Empty nesters and pensioners facing highest price rises

Analysing five groups, empty nesters and pensioners experienced the greatest quarterly grocery price growth of 6.43% and 3.92% respectively.

According to the data, empty nesters’ shopping basket costs have risen following an increase in the cohort's key purchases such as dog food, salmon, fillet steak, and lamb roasts.

For pensioners, low-cost staples such as white bread, margarine, instant coffee, and homebrand pantry products are seeing significant price increases.

On the other hand, uni students (-2.40%) and single professionals (-0.63%) have seen a small reduction in their total basket cost compared to the previous quarter.

Frugal GPI identifies empty nesters as a cohort of parents aged over 60 whose mature-aged children have finally left home, and still work either part time or full time prior to retirement. 

Pensioners rely on either an Age or Disability pension and are budget-conscious shoppers.

Living essentials jump 19% in new data from Frollo

Data compiled from 55,000 users of personal finance app Frollo found Australians’ monthly spending on essential items such as rent/mortgage, groceries, fuel, and medical have jumped 19% in the last 12 months.

Compared to the July 2021 quarter, Aussies have spent 37% more on restaurants, cafes, pubs, and takeaway meals. However, many cities were in lockdown a year ago.

“The numbers show that many Australians are finding it challenging at the moment,” said Kris Davant, Head of Product at Frollo.

“Many of the things they’re spending more on are essentials like groceries, medical bills and utilities. With the holidays coming up, things will probably not get much easier any time soon.”

Category Quarter 3, 2021 Quarter 3, 2022
Utilities $170 $200
Groceries $656 $815
Fuel $100 $138
Healthcare $207 $290
Hospitality $503 $687

Source: Frollo National Increases in Monthly Spending

See Also: How to save money on groceries


Advertisement

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
*Rate varies on savings amount

Save Account (<$100,000)

  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.

Savings Accelerator (Amounts < $50000)

  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of August 21, 2024. View disclaimer.

Important Information and Comparison Rate Warning

Image by mcstudio79 via Pixabay