Supermarket giants Woolworths and Coles have announced they will reduce the prices of hundreds of grocery items.
From this week, Woolworths will discount nearly 400 products “by an average of 10%.” It said these prices will remain in place at least until next year.
Coles discounted hundreds of its own products earlier this year, and will sell more than 1,000 products for half price for a week, beginning on Wednesday.
The move comes after the supermarkets were accused of price gouging.
Woolworths
Coles
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Woolworths said it predicts a $150 weekly shop will be $15 cheaper on average.
CEO Amanda Bardwell said the announcement marks “a real, tangible change customers will see”.
A Coles spokesperson told TDA the company “remains focused” on “great value” for customers.
Price gouging
Price gouging is the practice of deliberately and unnecessarily inflating a product’s cost. It is not currently illegal in Australia.
Labor promised to outlaw the practice during its election campaign.
A year-long investigation by the Australian Competition and Consumer Commission (ACCC) found that while Woolworths and Coles had significantly increased prices over the past three years, the rises did not qualify as price gouging.
