Consumers have no national shield against opportunistic hikes at the checkout, as economists fear some industries will exploit inflation hype to increase food and grocery prices | AnnaPattySMH
The cost of everyday items is rising, in some cases by more than 10 per cent.
Outgoing Australian Competition and Consumer Commission chairman Rod Sims said international factors were the primary driver of inflationary pressures, noting “they will build, but they are essentially external”. Mr Frydenberg said the ACCC has powers to ensure suppliers set their prices independently of their competitors and that suppliers do not make false or misleading statements about the reason for higher prices.
University of NSW economist Richard Holden said it was likely some industries would take advantage of the opportunity to increase prices without justification. “If people’s expectations that prices are going to increase a lot then it makes it easier for businesses to justify those price increases, creating a vicious cycle,” he said.
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