inflation rate – Michmutters

Tag: inflation rate

Categories
Business

Choice survey reveals Aussies are under the pump trying to pay their bills

Choice survey reveals Aussies are under the pump trying to pay their bills

New research has revealed nine out of 10 Aussies say they are struggling to manage their household budgets amid the rising cost of living.

A survey by consumer group Choice found 90 per cent of more than 1000 participating households said their bills had increased since 2021 – with the biggest financial burdens health insurance and utilities.

Choice editor Marg Rafferty said almost all Aussie households were feeling the pressure of price rises, with the report highlighting how difficult it’s become to manage the household budget.

“Among the biggest financial burdens, the research found, was health insurance and utilities,” she said.

“Cost of living pressures continue to be a major issue for Australians.”

Almost three in five respondents reported concerns about their disposable income, with pulse data revealing 23 per cent of households are struggling to get by, which is up from 18 per cent in June last year.

Ms Rafferty offered advice to Australians struggling to keep up with their bills, saying “there’s a chance you could be getting a better deal elsewhere”.

“Our research shows you can save up to $935 a year on hospital cover by switching to a similar policy with a different provider.” she said.

“It always helps to spend some time comparing what’s on the market.”

According to the Australian Bureau of Statistics, household spending in June was up more than 10 per cent compared with the same time period last year.

But household bill hikes are not the only thing Aussies are spending their money on, with residents feeling the pinch of an additional 15 per cent increase on services and 5 per cent rise on goods.

The monthly figures, which were released on Tuesday, revealed both discretionary and non-discretionary spending increased following an inflation rate of 6.1 per cent.

Non-essential costs rose by 10.8 per cent, driven by spending in recreation and cultural activities, while essential spending rose by 9.8 per cent, due to the rising cost of transport.

The most significant area of ​​spending was on transport, up 22.7 per cent, driven by higher oil prices due to the ongoing war in Ukraine and the demand for air travel.

Spending at hospitality businesses like hotels, cafes and restaurants was up 17.1 per cent in what is viewed as a positive return to pre-pandemic levels.

There was also strong growth in spending on clothing and footwear – up 16.3 per cent, as well as a 15.5 per cent increase in recreation and culture.

Jacqui Vitas, from the Australia Bureau of Statistics, said June marked the 16th consecutive month of through-the-year increases in total household spending.

“This was off the back of consistent decreases in total household spending from March 2020 to February 2021, as responses to Covid-19 were experienced across the country,” she said.

“Spending categories most impacted from Covid-19 responses – transport, hotels, cafes and restaurants, and clothing and footwear – have now returned to pre-pandemic levels.”

.

Categories
Business

Metcash tells IGA, Foodland supermarket owners not to increase prices

Metcash tells IGA, Foodland supermarket owners not to increase prices

IGA and Foodland supermarket owners have been told by Metcash, the company that runs the network, not to increase shelf prices as inflation soars because it will actually make them less money.

It is concerned pushing up prices will see customers ditch the independent retailers for Coles and Woolworths after fading IGA sales made a comeback during the pandemic.

Metcash told news.com.au the plan is for its supermarket retailers to grow their gross profit through volume growth by providing customers a “differentiated offer”, which includes competitive prices.

“That is, if prices are not competitive they could lose sales and gross profit,” a spokesman said.

He said the differentiated offer of the IGA network was “the convenience of local shopping, wide ranges tailored to the local community and with the brands they want, together with friendly local service”.

The direction to supermarket operators was more blunt, with a slide in a presentation at their national conference last month stating: “Don’t increase shelf prices – this will reduce gross profit dollars”.

In the presentation, obtained by Australiansupermarket owners were told there were “lots of ways to improve margin and bank more gross profit dollars but none of them involve putting prices up”.

At a grocery and food suppliers forum on Wednesday suppliers were told if the supermarkets lifted shelf prices their gains in improving competitiveness in recent years would be put at risk, reported Australian.

According to Metcash’s FY22 full year results, supermarket food sales over the past two years rose 13.8 per cent.

Like-for-like sales in the IGA network increased 14.6 per cent over the two years, with Metcash attributing the growth to “continued support from shoppers rediscovering the convenience of local neighborhood shopping and the improved competitiveness of the network”.

The pandemic helped IGA make a comeback, with figures showing sales had actually declined in the two years before 2020.

A Metcash spokesman told news.com.au as a wholesaler the company accepted price increases.

“Our position has always been consistent: where suppliers put forward legitimate reasons for increases we accept them,” he said.
“However, our focus continues to be on keeping our retailers at least as competitive in the market, even after the change takes effect.”

Metcash’s advice to not increase shelf prices comes as many retailers, including the major supermarkets, hike up prices.

A fortnight ago Aldi, famous for having low grocery prices, warned price increases were inevitable.

Aldi customer interactions director Adrian Christie told the Australian Financial Review: “Some grocery prices will inevitably increase in the months ahead, but we want to reinforce our commitment to customers that we will maintain our price leadership relative to our competitors.”

The comments came as Australia’s inflation rate hit 6.1 per cent – ​​the highest since December 1990.

The new figures from the Australian Bureau of Statistics for the June quarter showed the cost of fruit and vegetables was up to a whopping 7.3 per cent from last year and 5.8 per cent from the previous quarter.

The price of meat, seafood, bread and cereal products rose 6.3 per cent, while the cost of non-alcoholic beverages rose 7.9 per cent.

The ABS said these changes reflect “a range of price pressures including supply chain disruptions and increased transport and input costs.”

.

Categories
Business

Married At First Sight star outraged over $27 meal in Auckland

Married At First Sight star outraged over $27 meal in Auckland

A furious Married At First Sight star has slammed a New Zealand cafe for their “tiny” salad that set him back $27.

Former MAFS contestant Samuel Levi took to Instagram to share a photo of a salad that he was served at an unnamed Auckland restaurant.

The 29-year-old described the “small” meal as a “piece of s**t” and slammed the salad’s $27 NZD [$24 AUD] price tag as “daylight robbery.”

“Paid $27 for this tiny and small piece of s**t salad… blood hell Auckland” he wrote.

“This is damn rough and day light robbery.”

Samuel not to name the restaurant where he got the meal, but instead decided just the general location.

“I won’t tag the place directly, but I’ll put the location of the place below where not to go and visit while in Auckland” he said, followed by an eyeroll and facepalm emoji.

The salad consisted of some greens, cherry tomatoes, avocado, parmesan cheese and some large bits of toasted bread on the side.

With the cost of living soaring in recent months, the price of produced has skyrocketed – causing many restaurants in Australia and New Zealand to adjust their prices.

In New Zealand, the inflation rate from March to June 2022 increased 1.7 per cent, and the inflation rate year on year is 7.3 per cent, compared to 6.9 per cent for the previous quarter.

Earlier this week, honeymooners in Greece were left shocked after getting stuck with an $850 bill for a “quick snack”.

Lindsay Breen and her husband Alex, both 30, were left in shock after being surprised by the outrageous bill at DK Oyster in Mykonos.

The couple, who hail from Toronto, Canada, was exploring the picturesque town when they decided to pop into one of the local restaurants.

“We went to the oyster bar for a bite to eat and a drink,” Lindsay explained.

“They immediately said ‘do you want oysters?’ They were very presumptuous. We said yes and he said ‘a dozen?’ so we said yes because a dozen is a typical order.

“My husband ordered a beer and I asked for a cocktail menu and he came back with the beer but I had to ask again for a cocktail menu and he started rhyming off different kinds of alcohol he had, vodka, gin but I asked for a menu.”

After finishing their snack and “comically large drinks,” the couple was ready to pay and continue with their day.

“When we were ready to leave, I went to the washroom and they had my husband go into a back room to pay which is sketchy,” Lindsay remembered.

“They gave him the bill which was over 400 euros. He was shocked and asked for a breakdown. They had a computer screen that they turned to him and it was all in Greek but we don’t speak Greek.”

Although he was completely shocked by the large bill, Alex paid without any issues after he got a “sketchy vibe” and “didn’t want to get himself in a bad situation.”

“He definitely felt intimidated and he’s the friendliest guy so even if the bill was double he probably would have paid it to avoid any problems,” Lindsay admitted.

“It was pretty crazy. I’m glad in hindsight that we didn’t cause an argument or refuse to pay because it could have ended up worse for us. They know when you’re tourists they take advantage.”

.