Woolworths has launched a price drop program on common grocery items,which is set to end in November,as well as a policy to freeze the price of 200 essentials until the end of the calendar year. Meanwhile,Coles this week decreased the price of 150 items and locked these until the end of January 2023.
With the Reserve Bank’s decision on Tuesday toraise interest rates by 25 basis points to nine-year highs to exert further strain on household budgets,lower income households in particular would need to tighten their belts. Both major supermarkets have acknowledged that their customers are facing a cost of living crunch,and said they are keen to offer deals for budget conscious shoppers.
However,neither would confirm on Tuesday whether these policies will be extended beyond the end of this year.
“Like any of our promotions or value offers,we will continue to work with our supplier partners on whether these offers can be extended,as well as the potential to bring in other new and exciting offers,” a Coles spokesperson said.
Woolworths would not comment on future pricing decisions,but a spokesperson for the supermarket said the business was working on a range of offers to help its customers.
“Customers can also stretch their budget without sacrificing top quality by opting for our Woolworths brand products,which are available across a range of categories at competitive prices,” they said.