Inflation is one of those terms that can easily get thrown in the “too hard basket” when it comes to our day-to-day life. It’s a technical term that brings to mind global economies and those historical images of people burning money because it was cheaper than newspaper. It seems complex, abstract and non-pertinent to your personal budget.

However, this isn’t the case, and recently inflation has been putting serious pressure on people, raising the cost of living at a rapid rate. Any Mob from or with family living in remote areas will know these pressures all too well, as family in the bush often feel cost of living pressures harder and earlier than people in the city do. This is still the case, with rising prices for food seeming to creep up more quickly in remote areas. But, it is also happening in major cities like Naarm, where I’m currently living.

There may not be much we can do about the rising cost of living in the big scheme of things, meaning we do have to wait for the economy to recover. However, it is also true, like in most cases, that “Knowledge is Power” and understanding the aspects of our lives affected by inflation, will help us manage expectations and troubles. This is something I’ve found really helpful in times where the cost of living becomes a stress.

Where inflation is hitting

So, what are a few things that have been impacted a lot by inflation?

Inflation has risen at an alarming rate since 2022, to almost twice the percentage it was at a year ago on some products and services, meaning affectively that our money buys less. This is according to the Consumer Price Index (CPI) which is used to anticipate and record the cost of living.

Some of these key categories that have been impacted are transport, food and drink, clothing and footwear, housing, education, insurance and financial services and household equipment. I know… basically everything that we need. However, this isn’t just a futile statistic, but rather it is something that we need to understand so that we can continue to make strong financial choices.

A few ideas

While we may not be able to change the price of food at the big supermarket chains, but we can respond to this by changing the kinds of foods we buy, or where we shop.

Opting for fresh seasonal veggies at local markets is a great one to combat this. With transport we may consider trying to PT, walk or cycle more, so as to avoid the massive expenses of fuel, this one in turn will help heal Country by taking care of our environment.

In terms of household equipment or furniture, maybe instead of looking to buy new products it could help to be thrifty, sourcing things either from second-hand stores or marketplace, so as to avoid the massive price hikes occurring in stores. Some of these sidesteps can combat the total cost of living, and help the sting of inflation feel a little more bearable.

Like I said, there may not be anything we as consumers can do in the big picture right now to combat the rising cost of living, but there are usually alternative paths we can take to better insulate ourselves from rising costs. We just need to get creative and stay alert to the things that will burn a hole in our pocket.

Eden Fiske is a Koorie writer and artist based in Naarm. He acknowledges the Wurundjeri Woi Wurrung and Boonwurrung peoples of the Kulin Nation as the custodians of these lands and waters. He pays respect and acknowledgment to them, their ancestors, and their sacred Lore.

As with every article on TomorrowMoney, this is not personal advice.

Want to know more about inflation? Here are a few more articles..

• Explainer: Five things to know about inflation
• What is inflation? VIDEO