AUS: Woolworths sees food inflation easing
Australia's largest retailer Woolworths has said that food inflation in April eased off in its supermarkets.
The company added that recent price inflation would have been worse were it not for intense competition in the sector.
According to Woolworths' third-quarter financial update, prices had increased by an average of 4.5% across its stores.
Speaking at a lunch organised by the Australia-Israel Chamber of Commerce, Woolworths CEO Michael Luscombe reportedly said inflation has fallen back under 4% last month.
According to local reports, Luscombe later told reporters that produce deflation was driving the easing in the overall inflation rate in supermarkets while competition between retailers was also helping to keep prices down.
Luscombe's remarks come as an inquiry - backed by the Australian government - investigates grocery prices in the country.
The Australian government handed the Australian Competition and Consumer Commission the task in January in a bid, it said, to ensure consumers get a "fair deal at the supermarket".
The ACCC is due to publish its findings in July.
Once again, a raft of third quarter results stories caught your eye on just-food this week....
Australia's largest supermarket Woolworths has begun a national roll-out of comparative unit pricing making it the first national grocery retailer in Australia to display both the actual and unit pric...
Australia's largest supermarket Woolworths said it made a "good start" to the financial year today (21 October), posting a 9.6% increase in total first quarter sales helped by continued price re-inves...
US discount retailer Costco Wholesale has said that global financial turmoil and an economic slowdown in Australia have not slowed its expansion plans, according to reports....
UK retailer Woolworths has reached an agreement to dispose of the leases of up to nine stores to Tesco for a consideration of around GBP9m (US$15.5m)....
Australia's largest supermarket Woolworths has said that it is well-placed for future growth but warned of challenges arising from the turbulent economic climate....
Pick n Pay, the South African retailer, has begun testing a small-format store concept, called Daily, in a bid to court suburban convenience shoppers and compete with the likes of Spar and Woolworths....
Woolworths CEO Michael Luscombe has reportedly said that his outlook for the business remains cautious as the credit crunch continues to inform Australian consumers' shopping habits....
- General Mills sales woes continue - analysis
- US food next wave on display at Winter Fancy Food
- Why personalisation will take-off in US food
- Comment: Meal kits in US - don't believe the hype
- Analysis: Chocolate sector's deforestation pledge
- Kraft Heinz cuts jobs in US, Canada
- Mondelez set for union crosshairs next week
- Recipe-kit firm HelloFresh launches into UK retail
- Mondelez plays down impact of union action
- Germany's Haribo plans first US candy plant