Coles has locked the prices of 1168 products across supermarkets and online until at least 31 January 2023, as it begins lowering the prices of an additional 500 products.
The extensive list of locked price products and those being lowered in price includes mince, free range eggs, cheese, bread, sausages, pasta, rice, chicken stock, crackers, canned tomatoes and tuna, cakes, snacks, nappies, handwash, petfood and dishwashing tablets.
Coles’ move echoes that of Woolworths, when it locked in prices of “essentials” in June. At the time, CEO Brad Banducci sent an email to customers that food inflation had begun at the end of 2021, primarily affecting meat and imported products, but was now affecting almost every category. Banducci said the average family in Australia spends more than $200 a week on groceries and everyday essentials.
Coles’ latest round of price reductions began three weeks ago, with the list of products selling for reduced prices set to grow by more than 500 over coming weeks.
The locked and reduced prices include popular branded items as well as Own Brand essentials.
A survey of almost 4000 Coles customers found 85 per cent said they had made changes to their grocery shopping to counter increased cost of living expenses, two-thirds are looking for more discounts, and just under half are buying fewer luxury or treat items.
Coles chief executive of commercial and express Leah Weckert said keeping prices of staple products affordable was one way Coles could help Australians during a difficult time.
“As we lead into Christmas, we know customers want to see price stability and prices come down on the products that matter to them most.
“Our team has been working hard with our suppliers navigating the inflationary environment and working collaboratively to manage these cost pressures. And at the same time, we continue to offer thousands of new specials to our customers every week,” said Weckert.
