Staple food prices skyrocket as supermarket profits rise
The price of food staples is rising, putting further strain on household budgets.
A Deakin University analysis found milk prices rose by 20 per cent in the 24 months to July. In the past 12 months, egg prices have increased by 10 per cent, canned tuna is up 25 per cent and frozen veggies are up 18 per cent.
Deakin University researcher Dr Christina Zorbas said healthy eating is “becoming less and less affordable” and it’s time for the government to act.
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Prices for lettuce, carrots and tomatoes have decreased, but that decrease follows a price surge in 2022.
On Tuesday, Coles reported a full-year profit of $1.09 billion, a 4.8 per cent increase on the previous year. Woolworths is expected to release its results this week.