Barefoot Investor warns Australians about a MASSIVE price hike coming next year that will impact EVERYONE
- Financial guru Scott Pape warns Aussies food prices will skyrocket next year
- Major price hike of fertiliser will mean farmers grow less food and hike prices
- Barefoot Investor shared his top three tips for combating imminent price rise
Financial guru Scott Pape has warned Australians that the price of food will soar in the coming year due to a major price hike of fertiliser.
Pape, revered as the Barefoot Investor, predicted the skyrocketing price of the key ingredient for growing vital crops will have ‘massive ramifications’ in 2022.
He said as a result of the major price hike farmers will use less fertiliser and grow less food, meaning Aussies could be coughing up more for groceries in the new year.
Pape shared his top three tips on how to combat the price rise in his latest blog post, which encourages residents to activate their green thumbs and invest in chickens.
He revealed the average Australian household disposes of 11 per cent of what they buy at the shops each year, wasting $1,038 worth of foodstuffs.
Scott Pape, revered as the Barefoot Investor, has revealed his top three tips in combating the skyrocketing price of food due to affect all Australians in the new year (stock image)
On top of this, food prices around the world are the highest they’ve been in a decade, soaring 30 per cent this year according to the United Nations.
The financial guru said those looking to beat the imminent price hike as well as help those in poorer parts of the world, should start by organising their pantries.
Pictured: Scott Pape, the Barefoot Investor
While encouraging Aussies to adopt the ‘when in doubt, throw it out’ mentality, he said non-perishable or canned food can be donated to a Food Bank.
Secondly, he advised residents to do their weekly grocery shop online to avoid being tempted by unnecessary items on store shelves.
Pape said his own household kept a weekly shopping list using the virtual assistant technology Alexa, but said a physical list on the fridge would also work.
He revealed one of the biggest food wasters were fussy children whose finicky eating habits could see an expensive and time-consuming meal go to waste.
To tackle this problem, the guru recommended families get out into the fresh air and cultivate a veggie patch in the backyard.
The addition of a chicken coop can provide the household with fresh eggs as well as fertilser for the home-grown produce, he said.
The finance guru recommended starting a veggie patch or investing in a chickens to provide fresh eggs and fertiliser for the garden (stock image)
Coles, Woolworths and Aldi have all lifted milk prices by 10cents a litre, and the shortage could impact cheese, cream and yogurt products in coming months
Pape’s advice comes after Australians were warned dairy prices are set to soar ahead of the festive season due to reduced supply and increased demand.
Coles, Woolworths and Aldi have all lifted milk prices by 10cents a litre, and the shortage could impact cheese, cream and yogurt products in coming months.
The shortage in dairy products comes amid Australia’s limited supply of urea – a vital ingredient in Australia’s diesel fuel supply which allows trucks to deliver vital goods.
It was earlier revealed SRH Milk Haulage, which transports milk from farms to factories in NSW, had run out of the diesel exhaust fluid AdBlue, apart from what was left at service stations.
AdBlue, which is made from the fertiliser urea, is in short supply globally after China this year banned exports in a bid to contain food inflation.
Without this diesel exhaust fluid, designed to reduce nitric oxide pollution, half the trucks on Australian roads won’t start.
The Barefoot Investor’s top tips for combating soaring food prices
1. Organise pantries to get rid of old or inedible foods and donate canned and non-perishable products to Food Banks for people in need.
2. Do the weekly grocery shop online to to avoid temptation by unnecessary items on store shelves.
3. Keep an electronic or paper shopping list to keep track of what food products need to be purchased each week.
4. Grow home-grown produce in a veggie patch to tackle fussy eaters.
5. Invest in chickens to provide fresh eggs and fertiliser for the garden.