The cost of living crisis has been a persistent concern for Australians, with many feeling the pinch of rising prices. In 2022, I conducted an experiment to see how much the cost of a simple stir-fry had increased over the years, using the same ingredients at different supermarkets. To my surprise, the total cost had remained relatively stable, with some items even dropping in price. However, this stability may not last, as the oil crisis and rising fuel prices could lead to significant spikes in retail prices in the coming months. While the government is taking steps to help with the cost of living, such as backing higher wages and providing tax cuts, the true impact of increased fuel prices may not be felt until later this year. As a result, Australians may need to brace themselves for further price increases, and retailers may need to adapt their strategies to provide value to customers in the face of growing inflationary pressure.
