Frugl Grocery Price Index reveals shoppers will continue to feel price pains
Frugl Grocery Price Index (Frugl GPI) has found that grocery price pressures are reaching an all time high with prices up 9.49% on this time last year, an increase from the June quarter’s annual rise of 7.02%.
Created by Australia’s leading grocery price comparison app Frugl Grocery, Frugl GPI a comprehensive analysis of grocery prices in Australia, measuring price changes over time on a selection of everyday grocery items.
Rising grocery prices have been top of mind for Australians since inflation and the cost of living began to skyrocket towards the end of 2021. To help Australians make more informed grocery decisions, Frugl Grocery created a quarterly report that analyses grocery price changes at the overall topline level, while also revealing inflationary trends for a range of shopper types (personas) and grocery categories.
Key Findings from the FY22 September Report:
- Annual grocery price inflation has risen to a record high of 9.49%.
- Quarterly results show a price inflation of 1.92% on the previous quarter.
- The largest quarterly price increases were seen on Dairy & Eggs (9.05%) and Bread & Bakery (4.94%).
- Annual price increases are incredibly high across a number of categories including House & Cleaning (16.14%), Beef (14.44%) and Dairy & Eggs (13.72%).
- Although annual prices are high, there was some relief compared to the previous quarter, including Fruit & Vegetables that experienced the most significant quarterly price decrease at -6.55%, followed by Pork at -2.66%.
- From the six personas analysed, the older demographics are facing the steepest price rises both annually and quarterly, with Empty Nesters at 12.48% annually and 6.43% quarterly, and Pensioners at 15.31% annually and 3.92% quarterly.
- While annual price rises are high across every persona, quarterly decreases have been seen for Uni Students (-2.40%) and Single Professionals (-0.63%).
Managing Director and CEO of Frugl, Sean Smith said that the Frugl GPI was created to provide a more accurate snapshot of Australia’s grocery market and empower shoppers to make informed decisions.
“Frugl GPI is a more detailed indicator of the grocery price changes which are significantly contributing to the cost of living pressures facing every Australian. While the Australian Bureau of Statistics (ABS) Consumer Price Index (CPI) incorporates grocery prices, it is not to the depth and extent of Frugl GPI,” Mr Smith said.
“We are constantly evolving Frugl GPI to be more indicative of the Australian landscape which is why we’ve added the Empty Nester persona and changed Retirees to Pensioners. Australia has an ageing population which is why we felt one persona did not accurately represent older Australian shoppers but one conclusion is clear; our older generations are facing the highest price increases.
“Although we are continuing to see sharp price increases both quarterly and annually, some categories experienced relief. Following crop recovery from floods earlier in the year, fruit and vegetable prices were driven down by a strong supply of in-season produce. However this may be short lived as more extreme weather is forecast so shoppers should anticipate further price increases and supply shortages.
“There are some key takeaways for shoppers though as we head into the 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.”
With over 5,200 grocery stores tracked on the app weekly and almost 60,000 products available to compare, the Frugl Grocery Price Index data provides the country’s most in-depth analysis on how different segments of society are being affected by pricing changes.
To view the Frugl Grocery Price Index (September 2022) in full, please visit https://fruglgpi.com.au/
The Frugl Grocery app can be downloaded for free by visiting the Apple App Store here and Google Play Store here.
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Frugl Grocery Price Index (Frugl GPI) has found that #grocery #price pressures are reaching an all time high with #prices up 9.49% on this time last year, an increase from the June quarter’s annual rise of 7.02%. #TheIndianSunhttps://t.co/cFdWmqCjOY
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