Woolworths Is Freezing The Price Of Essential Items To Combat Rising Cost Of Living
Woolworths has announced a price freeze on almost 200 items until the end of the year to counteract the rising cost of living for Australians.
The company's CEO Brad Banducci is set to send out an email to customers this week announcing the move to not raise the cost of the products, according to the Australian Financial Review.
Things like flour, sugar, eggs, coffee, pasta, cheese, bread rolls, and baby essentials will all be part of the price freeze.
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The email reads: “The challenges we've worked through together in the last two plus years have been unparalleled – from droughts and fires to COVID (A thru O), floods and supply shortages and now inflation and the pressure on household budgets.”
Inflation at the end of last year mostly impacted meat and imported products, however, it is now affecting nearly every category of goods sold by the supermarket.
Banducci continues: “Most recently, we have seen material inflation in vegetables given the very poor growing season on the Eastern Seaboard, due to the rain, high humidity and low light levels – hence what you may see on cucumbers, capsicums and lettuces amongst others.”
Most recently, lettuce has seen a huge price hike, with some supermarkets recording prices of $12 for a head of iceberg lettuce, according to news.com.au.
Currently, the cost sits at $6.90 at Woolworths and $5.50 at Coles, but the increase has seen fast-food chain KFC ditch lettuce on their burgers for cabbage.
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Despite the promise to keep grocery prices from rising, Banducci admits that price isn’t the biggest hurdle they face.
He said: “Our biggest challenge is keeping stock in supply.”
Woolworths’ latest news comes after they announced a price slash on more than 300 products as part of their ‘Prices Dropped for Winter’ program.
Typical winter items such as chicken breast, pork roast, potatoes, soups, and even cold and flu medication had been cut.
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With inflation posing many difficulties, Australians are looking for extra help from organisations and the government to keep up with the cost of living.
The Fair Work Commission announced it would be raising the minimum wage by 5.2 per cent, with Australia’s lowest-paid workers set for a $40 a week pay raise from July 1.
The announcement signals the highest rise since 2006 and will see the national minimum wage set at $812.60 per week.
Topics: Australia
Jayden Collins