The cost of living crisis in Australia has been gradually worsening in recent months, with a single pack of cheese summing up the severity of the issue. Recently, a 36 pack of Cheer light n tasty cheese was spotted in a Coles fridge for a price 60 per cent higher than it was last year. The 750g family pack cost $17.55, which works out to be an astonishing $23.40 per kilogram. Last year, it was $11.
The significant price increase has been causing outrage amongst shoppers, as they struggle to make ends meet in the current economic climate. Many Australians are already struggling to cover the basic costs of living, and the skyrocketing prices of everyday items like cheese are only making their lives more difficult.
The price hike is thought to be due to a number of factors, including the cost of production and transport, the impact of the drought, and the global rise in the price of dairy products. While it’s understandable that production and transport costs have increased, the drought and global dairy prices are having a huge impact on the cost of living for Australians.
Former Seven News presenter Jacqui Felgate’s photo, shared on Instagram, received an enormous reaction from the public who were not surprised.
“In the past two years, our grocery bill has increased by at least 30%, and these aren’t even luxury items. Constantly having to readjust our budget is exhausting,” one reply reads below the post.
“The sky-high interest rates, the exorbitant cost of groceries, and the overall financial strain has made life unaffordable for many people,” another said.
It has been forecasted by senior economists that the RBA will increase the cash rate by at least 25 basis points by the end of 2022, with Westpac anticipating that the rate could reach 3.85 percent in 2023.