Largest food price increase since 1989
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September 20th, 2008
Food prices rose a whopping 2.7 percent in August 2008 – the largest monthly increase since a 3.8 percent rise in July 1989 when the rate of GST increased from 10.0 to 12.5 percent. Within the last 30 years, the largest monthly increase was 10.0 percent in October 1986 when GST was introduced, followed by 5.9 percent in April 1979.
The most significant increases came from higher prices for fruit and vegetables (up 9.6 percent), followed by dry goods (up 1.9 percent), meat, poultry and fish (up 2.6 percent),and non-alcoholic beverages (up 0.3 percent).
The most significant increases came from higher prices for lettuce (up 33.6 percent), tomatoes (up 42.8 percent), cakes and biscuits (up 8.0 percent), fresh milk (up 4.4 percent), and lamb chops (up 18.2 percent).
The most significant decrease came from lower prices for yoghurt (down 8.9 percent).
Its interesting to note that restaurant meals and ready-to-eat food prices increased only 0.5 percent. With food price increases like we see here its more important than ever to ensure youre costing every recipe you produce and ensuring every recipe is adhered to. I guarantee you wont find an easier way than MenuCoster.
Whats more, once your recipes are entered you never need to worry about your ingredient prices being out of date – theyre updated directly from your suplpiers! Just let me know if you would like a demonstration anytime.