Convenience store giant 7-Eleven is the latest to bow to Australia’s cost-of-living crisis, announcing it will double the price of its famous $1 coffees.
The price of a the chain’s regular coffees will rise to $2 from October 4, while there will also be price increases for slurpees, iced coffee and hot chocolate.
The company said in a statement on Tuesday the price changes were a result of “sustained cost increases across the board” that had made “existing prices unsustainable”.
“We are proud of our iconic freshly ground coffee, but to keep pouring you the same quality cupful that we all know and love, we have to increase the price in October this year, for the first time in 13 years,” 7-Eleven said in a statement published to Facebook.
“The price of our coffee will increase for the first time since 2009 with a regular cup to cost $2.
“There will also be price increases across slurpee, with a large to cost $1.50, along with iced coffee and Hot Chockee.”
As part of a broader effort to reduce single-use cups, customers would be able to get a 50-cent discount on their coffees if they brought in a reusable cup.
“What will not change is the quality of our products or our dedication to improving the sustainability of our coffee and packaging,” the company said.
The 7-Eleven hike comes as shoppers endure price hikes for a host of essential goods.
Coles and Woolworths both announced price reductions on a stack of household basics this week, as plunging real wages continue to strain Australians’ budgets.
“As we lead into Christmas, we know customers want to see price stability and prices come down on the products that matter to them most, so we’ve locked the price of more than 1100 products in store and online, and we are currently lowering the price of 500 more,” Coles chief executive of commercial and express Leah Weckert said.
Fruit and vegetable prices are also reportedly steadying – with iceberg lettuces being sold in the major supermarkets for less than $3 this week – but shoppers are warned the reprieve may be short-lived.
Australian Farmer’s Federation chief economist Ash Salardini told The New Daily this week that apple prices were likely to fall soon, and avocados were expected to remain fairly cheap.
Ausveg communications manager Shaun Lindhe said consumers should also seeing more of produce such as beans, zucchini and capsicum over the summer months.
But Mr Salardini warned a massive shortage of farm workers was likely to drive further food price inflation in the next year.
