Why does this iceberg lettuce cost $11.99 and how long will Australia’s high vegetable prices last?

A Queensland shopper this week noticed iceberg lettuce promoting at a grocery store for $11.99. The picture shortly went viral as proof of the cost-of-living pressures Australians are dealing with.

Iceberg lettuce beforehand cost about $2.80 every, making it considerably of an notorious star of inflation. So what has brought on the value of the standard vegetable and different contemporary produce to rise so sharply, and how long will the high prices final?

Which greens are going up?

It’s not simply iceberg lettuce, as few merchandise escape the consequences of steep inflation. The newest client worth index figures present a 12.7% year-on-year enhance within the cost of greens.

In the final six months, a comparative store reveals a kilo of candy potatoes jumped from $1.88 to $4.24. The cost of continental cucumbers greater than doubled – going from $1.50 every to $3.50 every.

A comparability of prices from one store achieved final August present comparable jumps. A bag of brown onions went from $2.00 a kilo to $2.90; a bunch of celery went from $3.00 to $4.50, and 4 zucchinis went from $2.94 to $4.68.

Back in 2018, broccoli was $3.90 a kg, however is now $9.90.

In Sydney, a current picture of capsicums at Harris Farm retailing for $18.99 a kilo went viral; in Melbourne, a Kent pumpkin will set you again $15.60, whereas a watermelon – out of season although from Australia – prices $25.52.

Almost every part goes up, from truss tomatoes to zucchinis. Michael Harvey, a senior analyst at Rabobank, mentioned Australians had seen the best worth progress in 10 years.

“Clearly the numbers [from the March quarter] are the highest they’ve been in 10 years when you measure it quarterly,” he mentioned. “They hadn’t been that high since 2011, when there was a cyclone that had a huge impact on bananas.”

“When you look under the hood it is broad-based: vegetables, beef, meat and dairy – seafood [too], but vegetables are significant.”

What’s inflicting the rise?

There are a number of points inflicting the value hike however the primary drivers are floods, battle and the pandemic.

Tyson Cattle, a spokesperson for AusVeg, mentioned the current floods which ruined crops in northern NSW and Queensland are a significant component. He mentioned the harm within the Lockyer valley had a very huge influence.

“The Lockyer valley has been heavily hit by recent weather events. That’s leading to a sharp price increase, particularly for fresh vegetables,” Cattle mentioned.

“Lockyer is a significant growing region for all fresh vegetables. You could throw a dart at a board [covered in vegetables] and chances are it will hit one grown there.

At this time of year, the rest of the country eats vegetables coming from there, he said.

“That’s why we talk region-specific, rather than commodity-specific. You’ve got a heavier growing region at a really critical time and they’re hammered by rain events and floods.

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“In Victoria and NSW, we rely heavily on Queensland supply, it’s warmer up there. You can’t pick anything in Vic at the moment because it’s 3 degrees outside.”

It’s not simply home points – prices are additionally related to international occasions. Fertiliser, for example, is up 120% from 24 months in the past.

“When you zoom out, there is pressure across the food system from the farm gate to manufacturing,” Harvey mentioned.

“That’s where the global events have an impact on pricing.”

The battle in Ukraine and lockdowns in China are all making a worth hike for farmers.

“When you look at global events, these are short to medium-term impacts. The war in Ukraine impacts the cost of energy, fertiliser, grains and oilseeds.

“Even the lockdown in China is having an impact on the global supply chain. Pandemic-related costs are still in the food system.”

So how long will it final?

Consumers ought to brace themselves, Cattle mentioned.

“Consumers need to understand prices won’t go back to the way they were. That’s to do with various things every Australian is dealing with, like high fuel costs,” he mentioned.

“We won’t put number on how high prices will go. Market forces will determine that, retailers will determine that, not us.”

Harvey mentioned there was extra hip-pocket ache coming quickly, however some home drivers might ease off throughout the subsequent 12 months.

“We caution there is still some elevation on the horizon,” he mentioned. “We would be suggesting to consumers there’ll be more coming down the pipeline.

“Over the next 12 months, if we have better growing conditions, improved labour availability [and] less supply chain disruptions, you will see lower inflation coming through.”

What are you able to do?

Shop round, verify the frozen veggie aisle and attempt to discover financial savings elsewhere, Harvey mentioned.

“There aren’t a lot of levers, so brace for it,” he mentioned.

“You can look for the items that aren’t seeing huge inflation, look for value offerings. Not everything is going up in price, some will still be affordable and tighten the belt a little bit on discretionary items.

“Significant global events are at play,’ he said. “It will pass, but it’s not a quick cycle.”

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