Two-thirds of new mothers have been forced into “tough choices” due to 25% price rise, a survey says.
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Families are feeling the financial strain from soaring baby formula prices, according to the latest survey.
Over the last twelve months, the cost of four popular formulas have risen by up to 17 per cent, with some costing as much as $40 per can – up from $19.
The survey, commissioned by consumer group Choice, also revealed that prices can vary by as much as 110 per cent between different supermarkets and pharmacies.
One mother, who wished to remain anonymous, revealed that she was spending more than she could afford on formula.
“We never used to think about the cost of formula, but now it’s a huge part of our lives,” she said.
“We try to buy the cheaper brands – which often aren’t as good – but it’s still hard to afford.”
The survey also surveyed more than 700 parents about how they cope with the soaring costs of baby formula.
More than half said they had cut back on buying other groceries to make up for the increased costs.
One in four said they had switched to cheaper brands or switched to buying formula in bulk in an attempt to save money.
Ela Stapleton, Senior Lecturer at the University of Sydney, said that soaring formula prices were putting an increased financial pressure on families.
“Many parents work multiple jobs to make ends meet, and for those on lower incomes, cuts to their groceries, including the cost of baby formula, can cause real hardship,” she said.
The survey revealed that parents everywhere are feeling the pinch from the rising costs of baby formula and are having to make decisions with their wallets that can be detrimental to the health of their babies. It’s now up to retailers and manufacturers to work to reduce the cost of formula and ease the financial pressure on parents.
