I was going through an old tape and found an ad from 1998 for Coles, where they were advertising economy porterhouse (i.e. 1kg purchase) for $5.99/kg! Today, the same steak sells for $18.99/kg from Coles - over 3 times the price. Makes you want to cry doesn't it? For $5.99/kg today the only thing you'll get is mince.
I'm not sure if they do it in Australia, but definitely in some parts of the world if the price of meat is getting too high they substitute a lower cut of meat to keep CPI low. I wonder where they go when they get down to mince.
http://www.mountaininvestor.com/blog/the-us-is-already-in-recession-–-so-is-the-uk/
"Substitution is just one way in which changes to the way CPI is calculated have depressed the reported rate of inflation. The consumer prices index therefore no longer measures the cost of maintaining a constant standard of living."
Don't let the pollies tell you otherwise.
So the real inflation (of the porterhouse steak) is 19/6*100%=317% in 15 year, or 21% in a year. Contrast that with the official inflation rate from RBA of 2.4%!!!
Inflation is compounded - so no.
The actual rate is ~7.5%. Still higher than the official inflation rate. How about milk though?
Try buying your meat more than 1 slice at a time.
I always have a freezer full of 30mm thick MSA rump that cost about $7 a kg
Several days ago I got MSA porterhouse for $8.99/kg and Rib Fillet for $9.99
Whenever the rumps are cheaper than $7.99 I get several and chop them for curry, stirfry and mince the rest.
Obviously not at a supermarket
Actually, Woolworths have economy (bulk) porterhouse on special now for $9.99/kg which doesn't make the 1998 price seem quite that cheap.
Would love to know where you purchase this from - but believe it won't be WA. The price of any food here has gone through the roof- even though we're the richest state in the country. There was a survey conducted which showed WA provides so much but receives so little. I know all you EST people will be up in arms & disagree - just look at the figures. We are not a backwater of lack of understanding populous. Not getting on to you Davros - just some of the other people on this site who do nothing but complain & seem to spend all their time contradicting everybody else's comments
still remember the days of 30 cent petrol
those were the days
u could fill up the ford falcon 4L and it wouldn't burn the budget
Its all relative
I remember still getting a sock full of copper coins to buy a few litres to get to work on Friday, mind you I was an apprentice so not on huge money, not like trades today.
Ok… Crying..ll.