Inflationary pressures are causing vitamin prices to spike and there’s no end in sight for the hip pocket pain, business owners have warned.
Two factors are behind the soaring prices; high production costs, combined with the rising cost of raw materials used in the supplements.
For instance, fish oil exported from South America has seen a twofold rise in price since 2020.
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Alastair Symington, chief executive of vitamin giant Blackmores told Sydney Morning Herald raw material costs have risen by 15 and 20 per cent over the past six months.
As a result, the prices of products across the Australia and New Zealand market has jumped between five per cent and six per cent.
Symington did not rule out further increases.
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“It’s something that we’re looking at … but it is not something that we would take unilaterally across our range, it would be selective,” he said.
It’s not the only item feeling the inflationary pinch.
Dairy prices rose by 14 per cent, led by a 24 per cent surge in cheese.Butter prices also rose 18 per cent.
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Meat prices overall lifted 10 per cent, with pork up 16 per cent and lamb up 10 per cent.
