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Woolworths chief executive, Brad Banducci, has denied that the supermarket chain price gouges shoppers, telling a Senate inquiry that Australians wouldn’t shop with it if it did: I would respectfully submit that this is an incredibly competitive market and that is good for consumers. The Senate inquiry is designed to investigate how big supermarkets set prices and use their market power when dealing with suppliers.
There has also been a sharp focus on the strong profits recorded by Coles and Woolworths during a period of fast-rising grocery prices that have put pressure on households. Banducci said that large suppliers had driven grocery price increases: While at Woolworths we’re now seeing falling rates of grocery inflation, nevertheless, we understand that many of our customers are under immense cost-of-living pressure.
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