Australians have revealed the everyday food items and household products they are no longer buying.
The cost of living crisis has gripped the nation despite the Reserve Bank’s attempt to curb inflation by hiking interest rates on Tuesday for the 12th time in just 13 months.
At 6.8 per cent, inflation is forcing Aussies to think twice before spending money on entertainment, insurance, self-care, coffee and even some grocery staples to make ends meet.
WHAT ARE YOU CUTTING BACK ON? LET US KNOW IN THE COMMENTS
On social media, one Aussie asked what people had stopped buying due to the ‘recent’ price hike. ‘What is one item you stopped buying due to the ‘recent’ price surge? I’ll go first – Salmon. $36-$40/kg? No, thanks,’ they wrote.
Australians are sharing the everyday things and luxuries they have stopped buying amid skyrocketing inflation rates including red meat
Other penny-pinching Aussies said they have stopped buying berries as they cannot justify the price per punnet
‘Berries. Store-bought granola. Açai. Snack foods. Reduced meat to twice weekly and am buying cheaper meats,’ one person commented.
‘Any red meat. It’s definitely only an occasional purchase these days,’ another said.
‘I don’t buy meat anymore, I’m not vegetarian by any means, but I just don’t feel like doubling the cost of my shopping. I do miss cooking steaks,’ a third wrote.
Many Aussies claimed they have cut out cereals, berries, seafood and potato chips from their weekly shop.
‘Cereals and muesli. There is no brand left that is affordable, and it’s just not worth the money if you eat realistic amounts of it,’ one person wrote.
‘Blueberries, raspberries, blackberries and even strawberries now,’ another person commented.
A third chimed: ‘Strawberries, I cannot spend $6.50-$7.50 for a punnet,’
‘Prawns. Really used to love throwing them into my 2min noodles to be all fancy and s**t,’ a fourth person wrote.
One person wrote they could not justify paying $8 for a bag of potato chips, with another agreeing: ‘beat me to it, absolutely beyond the pale of what they’re worth.’
‘Everything is so expensive now,’ another added’
Many said they have moved to making their own coffee at home and refuse to buy a takeaway coffee from a cafe
A visit to the pub for something to eat and a beer has become to expensive for some Australians as the cost of living continues to soar
Budgeters are also skimping on eating out and going to brunch with friends as the price of avocado on toast is just ‘not worth it anymore’
Other penny-pinching Aussies said they had ditched discretionary expenses, including eating out, insurance, subscriptions and beauty services.
‘Private health insurance, all meal delivery services, Friday socials at a bar, buying cases of wine or fancy spirits, cut back on pub meals,’ one person commented.
‘Brunch and cafe food. Eggs, bread and avo for $25+. Not worth it anymore,’ a second person wrote.
‘Pub food. I used to love a schnitzel, but paying $30 for one is insane,’ a third added.
‘Last time I went to a cafe, lunch mains alone were $28. Two coffees, lunch, cake will now set me back almost $50. Far too high for me to justify treating myself,’ another person commented.
‘I stopped bleaching my hair and also learnt how to do my own nails and lash lifts. what was once my regular self maintenance has now become a luxury i can’t afford,’ a fourth added.
‘Got rid of any subscriptions we don’t use every day. Said bye to Netflix and Prime… quit our gym memberships too,’ another person wrote.
Some Aussies wrote inflation has affected the price of takeaway coffee, forcing them to make their own at home.
‘I make coffee at home for next to nothing. Buying a coffee is a treat now,’ one person commented.
‘Iced flavoured coffees. I used to grab them often when out but when most places started charging $8 I couldn’t justify it,’ a second person added.
The cost of living crisis has gripped the nation despite the Reserve Bank’s (pictured) attempt to curb inflation by hiking interest rates for a 12th time in just 13 months
Another claimed Reserve Bank’s decision to raise interest rates means there’s ‘not much else left to give up’.
‘Impossible to only name one item,’ they wrote.
‘Steak, roast beef, leg of lamb, biscuits , some insurances, haircuts, clothes and shoes, manicures, make up, birthday presents, car service, car wash, day trips, meals out, takeaway, streaming services, soft drink, cheese.
‘After today’s RBA decision (Australia) there’s not much else left to give up.’
On Tuesday the Reserve Bank of Australia hiked interest rates by another 25 basis points – marking the 12th increase in little more than a year.
The cash rate has now risen to an 11-year high of 4.1 per cent and will add $97 to monthly repayments on a typical $600,000 mortgage, sparking fears of a recession.
RBA Governor Philip Lowe said inflation was still too high after April’s monthly reading showed inflation rising to 6.8 per cent, up from 6.3 per cent.
‘Inflation in Australia has passed its peak, but at 7 per cent is still too high and it will be some time yet before it is back in the target range,’ he said in a statement on Tuesday.
The cost of groceries at Coles and Woolworths in April increased by 10.4 per cent and 8.7 per cent, respectively, research has revealed.
RBA Governor Philip Lowe (pictured) said inflation was still too high after April’s monthly reading showed inflation rising to 6.8 per cent, up from 6.3 per cent
The research conducted by investment bank UBS found prices for fresh food leapt by 9.9 per cent after analysing more than 60,000 supermarket products.
Almost half of Australians claim they cannot afford to fill their trolleys under current groceries prices, while four in five are actively working to reduce their food costs.
Annual food inflation rose to 6.8 per cent in April, down from 9.2 per cent but dairy product prices and bread/cereal prices were still up 14.9 per cent and 11.8 per cent respectively.
Food products were the main contributor to annual food inflation at 11.7 per cent, followed dairy items at 14.5 per cent and bread and cereal prices at 11.4 per cent.
WHAT AUSSIES ARE CUTTING BACK ON
Steak at a pub
Subscription streaming services
Any coffee that’s not homemade or $1 from 7-Eleven.