Price rises coming at the checkout, warns Woolworths boss | The Business | ABC NEWS
The boss of Australia’s biggest supermarket is warning of price hikes on everyday items from fruit and veg to milk and bread. Woolworths chief executive Amanda Bardwell says the inflation shock triggered by the Middle East war is pushing up costs for suppliers and could last for the next 12 months. The company’s downgraded its earnings forecast and is freezing prices on 300 home brand products for three months, including pasta, eggs, chicken breast and nappies. Retail expert Gary Mortimer says “there’s more margin in those home brands and they own the IP of those home brands themselves… which means you can hold those prices down.” In the third quarter, food sales for Woolworths rose 5.9 per cent to $13.8 billion as shoppers stocked up on pantry items because of the war. Along with Coles, Woolies is being accused by the competition watchdog, the ACCC, of using fake discounts to mislead customers.
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