In a recent interview with Four Corners, CEOs of Australia’s major supermarket chains, Coles and Woolworths, addressed allegations of price gouging amid rising concerns over soaring grocery costs.

Despite mounting complaints from consumers, both companies staunchly denied engaging in such practices.

The denial comes amidst a backdrop of heightened financial stress for Australian households, with new research from Finder revealing a significant increase in the number of families struggling to afford their groceries.

Key Findings:

• Nearly 2 in 5 Australians (39%) identify their grocery bill as a major financial stressor, equivalent to approximately 3.6 million household.

• This marks a notable rise from 29% (2.7 million households) recorded just two years ago.

• The average Australian household now spends $188 per week on groceries, totaling $9,776 annually.

• Finder’s research also indicates that 92% of Australians have adopted various strategies to save money on groceries.

• Over half of shoppers (53%) resort to bulk buying kitchen staples, while 61% visit multiple grocery stores to seek lower prices.

• Additionally, 38% of shoppers utilise coupons to secure discounts.

Leaked emails reveal for the first time the tactics Coles employs when a supplier seeks a price increase and how it has taken advantage of inflation to boost profits. https://t.co/d9jwvUQl39 (via Four Corners)

— ABC Australia (@ABCaustralia) February 18, 2024

Angus Kidman, a money expert at Finder, weighed in on the matter, stating:

“The rising cost of groceries is putting a significant strain on household budgets. Many are at breaking point and in need of some reprieve.

“There are steps households can take to stretch their grocery dollars further. Every little bit counts, so it’s important to shop around and take advantage of promotions and sales.”

Kidman further advised consumers to consider switching to home brands and adhering to shopping lists to avoid impulse purchases.

He also highlighted loyalty schemes offered by Coles and Woolworths as potential avenues for accessing special prices and discounts.

Despite the supermarkets’ denials, the pressure on Australian households to manage escalating grocery expenses remains palpable.

As families grapple with financial strain, the call for transparency and affordability in the grocery sector continues to resonate.