Housing, oil, food: the price rises bite – Australia

CONSUMERS coping with higher mortgage repayments and record petrol prices will soon be hit at the supermarket checkout.

National Foods, which dominates the market for milk, yoghurt and juice, will raise fresh produce prices by up to 3 per cent today because high petrol prices are pushing up distribution costs.

The trifecta of higher rates, petrol and food prices will dampen the 11th budget of the Treasurer, Peter Costello, next week. Some economists say government largesse contributed to this week’s rate rise.

SMH