Supermarkets have been put on notice over a practice known as "shrinkflation".. which is a practice that is rife in the industry.. and is when a product is downsized.. but the price... remains the same.. or even increases. To combat the tactic - the government is now seeking to strengthen unit pricing codes... making price and volume labels more readable, prominent and comparable... and introduce new penalties for those supermarkets - doing the wrong thing.
Key Points
- Last week's ACCC report into supermarket behaviour found "shrinkflation" is becoming more common.
- ACCC report found Australia was home to misleading pricing information.. where products were advertised as discounted... after the original price was raised.
- The prime minister announced he will make tougher legislation that governs unit pricing in Australia, allowing customers to compare the cost of goods by weight or volume and introduce multi-million dollar penalties for serious breaches.
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