Supermarket prices soared during final months of 2022

The cost of living crisis continues to accelerate with new figures showing how much grocery bills rose in the last months of 2022.

Newly-released data shows supermarket prices rose 9.2 per cent overall in the final quarter of the year - up from an 8.2 per cent increase the previous quarter.

Investment bank UBS tracked 60,000 different products from Coles and Woolworths, and found steep price rises among popular food groups.

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Dairy prices rose by 14 per cent, led by a 24 per cent surge in cheese.

Butter prices also rose 18 per cent.

Meat prices overall lifted 10 per cent, with pork up 16 per cent and lamb up 10 per cent.

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Fruit and vegetable prices, which had lifted earlier in the year due in part to the repeated flood crises in eastern Australia, remained stable.

With rising grocery prices linked to high inflation across Australia, experts are saying the numbers are unlikely to deflate any time soon.

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