Woolworths, Coles, Aldi and Metcash chief executives will be summoned to front ACCC inquiry hearings due to begin in November.
Australians are paying 20 per cent more for groceries than they were five years ago, with fresh fruit and vegie suppliers squeezed the most by the major supermarket chains, the competition watchdog said in a new report that described the supermarket sector as an oligopoly.
Keogh confirmed the chief executives of Woolworths, Coles, Aldi, and IGA operator Metcash would be issued summons to appear before an ACCC inquiry panel for questioning due to begin in early November. In the interim report of its inquiry into supermarket prices released on Friday, the ACCC found the price of a basket of groceries has risen by 20 per cent in the past five years.In a consumer survey that garnered nearly 21,500 responses, more than any other survey it has ever conducted, Australians raised concerns about prices they felt were excessive, and that they were being taken advantage of by supermarkets.
“We are examining whether supermarkets are exercising market power to increase prices more than is necessary to accommodate these cost increases,” the ACCC said in its report. “We are also examining whether supermarkets are otherwise engaging in business practices that cause detriment to consumers.”
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