Australian food retailers face probe into alleged price gouging
By James Glynn
SYDNEY - Australia's biggest food retailers are facing a parliamentary inquiry into alleged price gouging after the country's center-left Labor government agreed on Sunday to an investigation amid an ongoing steep jump in the cost of living.
Coles (AU:COL) and Woolworths (AU:WOW) will face the inquiry after Greens senator Nick McKim called for an investigation that would see their chief executives questioned. McKim alleged the supermarket operators had raised prices unfairly.
"This inquiry is a critical step toward dismantling the market concentration that's led to unfair pricing and stifled competition," he said. "We'll find a way to dismantle their power and bring grocery prices down."
Inflation in Australia raced at an annual rate of more than 8% in 2022, but has since cooled sharply.
Still, Reserve Bank of Australia Gov. Michele Bullock recently identified "home grown" forces as the major drivers of consumer price inflation, not global factors like the war in Ukraine and supply chain blockages.
Assistant Competition Minister Andrew Leigh said Sunday that the government supported the inquiry because Australians need answers to why prices are rising.
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
12-03-23 1735ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations