Food Prices to Soar in Australia by Christmas
Tory Shepherd
Meat and Livestock Australia has warned red meat prices could increase by 20 per cent as producers pass on increased grain prices.
Seafood prices will rise with increased demand. Cherries and other stone fruit have been affected by frost, while bananas should get slightly cheaper as the next Queensland crop ripens.
Eggs are set to rise by up to 60c/doz.
Grain prices have increased by 80 per cent in the past year. Executive director of the Australian Chicken Meat Federation, Andreas Dubs, said: "It is very hard to predict but, based on the increase in the price of grain, 10 to 15 per cent is a ballpark figure."
Coles Myer media relations manager Jim Cooper said the drought was a "serious situation". "We have been talking to our suppliers about the potential impact it may have on the price of some product lines," he said. "While it is fair to say that there will be price pressure on some products as a result of the drought, it is difficult for us, at this stage, to give specific details about timeframes or the extent of possible price rises."