Tracking cost-of-living increases

The Retirement Affordability Index continues to track living costs as they relate to the six retirement tribes – even as the world implements strategies and restrictions to steer economies and communities through the coronavirus pandemic.

In the December quarter, Cash-Strapped Couples and Singles and Constrained Singles bore the brunt of cost-of-living increases with a rise of 0.6 per cent. Constrained and Affluent Couples and Singles saw increases of 0.5 per cent for the quarter.

The big contributors were food (led by fruit, which was up 6.8 per cent due to the drought at that time) and transport (led by automotive fuel up 4.4 per cent).

Cash-Strapped and Constrained tribes, which spend more on food, were hit harder by the rise in food prices.

Affluent tribes, which spend more on transport, were hit harder by the increase in transport costs.

There were small falls in international holiday and accommodation (-2.9 per cent) and garments for women (-2.5 per cent).

And in good news for the current ‘apocalypse’, wine has fallen in price by 1.6 per cent. The uncertainty around our future will be so much easier to navigate with a glass or two of wine.

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Written by Matt Grudnoff

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