Coles, Woolies prices likely to rise as price freeze policies come to end

Home Food Coles, Woolies prices likely to rise as price freeze policies come to end
Coles, Woolies prices likely to rise as price freeze policies come to end

Cost-of-living pressures could bite harder in 2023, as popular policies introduced by the nation’s major supermarket chains come to an end.

Coles and Woolworths both implemented price freezes on hundreds of items in the middle of 2022, but Coles’ freeze will finish on January 31 and Woolworths’ has already expired.

Essential trolley items in the supermarkets’ price freeze included flour, sugar, oats, eggs, cheese, bacon and nappies.

The likely price hikes come amid growing pressure on household budgets from elsewhere, with the Reserve Bank raising interest rates for eight consecutive months to reach 3.1 per cent, the highest level in more than a decade.

A Woolworths spokesperson said the chain had recently reduced the price of more than 300 “summer grocery staples” in a bid to ease consumer pain at the checkout.

“We know cost-of-living pressures are being felt by Australian families, and throughout 2023 we will continue to work hard to help them save each time they shop with us,” the spokesperson said.

“While the price freeze program has come to an end, we remain focused on maximising value for our customers, and many of the products from the program currently remain at the same low price.

“We will continue to review each cost increase request from our suppliers on a case-by-case basis, working together to sensitively manage market-wide inflationary pressures.”

A Coles spokesperson said its Dropped and Locked scheme had received an “incredible response” from customers.

“With cost-of-living pressures, customers know they can rely on these locked prices at Coles each time they go shopping to help plan and manage their budgets,” they said.

“We are looking at how we can best use these promotions to support customers with rising cost of living beyond the end of January.

“We will also continue to focus on value through weekly specials Down Down and Everyday Low Prices, which offer key staples at trusted pricing for the longer term, and through other offers such as Flybuys points.”

Read related topics:ColesWoolworths

Leave a Reply

Your email address will not be published.