Warning for customers buying electronics as prices skyrocket
Customers are being warned about purchasing new electronics like fridges or washing machines as prices skyrocket.
Prices are rising in part as a result of growing supply chain disruptions.
Despite COVID-19 restrictions easing around the world, supply chains are still heavily impacted.
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The price of electronics like washing machines and fridges has risen. Getty
Factories have closed down and shipping is about three times higher than normal.
As a result, prices have been pushed up.
JB Hi-Fi has warned the cost of items like fridges and washing machines, which are already expensive, could rise around eight per cent.
The cost of electrical goods like smart TVs and computers has also jumped by 2.4 per cent in the last half of 2021.
This is due to a surge in demand for electrical goods during lockdowns paired with a global shortage of chips used in the products.
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Supply chain disruptions are continuing to impact the price of products. Getty
Prices should begin to normalise later this year as supply disruptions ease and more Australians begin to spend their money on eating out and travelling instead of spending money on furnishing their homes.
EY chief economist Jo Masters said Australians will begin to change their spending habits this year.
"We expect households to pivot their spending back to services and away from things that make living at home more comfortable," she said.
"So when we look at those supply and demand factors into 2023 we would expect more typical conditions and price cycle for electrical goods."
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