Coles reveals price drop on 500 items as cost of living spikes

Coles has announced a huge move on its pricing, locking the cost of more than 1100 key grocery items and dropping the cost of 500 more.

There’s good news for Aussies struggling with cost of living pressures and the increase in household expenses.

Coles has officially locked in the price of more than 1100 popular products until 2023.

In addition to this, the supermarket chain is also lowering the price of 500 more household essentials to reduce pocket pain.

1168 products across Coles supermarkets and online catalogues will remain the same until at least 31 January 2023, meaning Aussies will be able to more efficiently budget their weekly grocery spend.

Coles has officially locked in the price of over 1000 popular products until 2023.

Some of the items reduced are household staples and bestsellers for the grocery store including mince, free range eggs, cheese, bread, sausages, pasta, rice, chicken stock, crackers, canned tomatoes and tuna, cakes, snacks, nappies, handwash, pet food and dishwashing tablets.

Such items are both branded and “Own Brand” essentials that began to reduce in price three weeks ago, and will continue in the coming months.

The reduction and lock in of price was sparked by a survey hosted by Coles which found 85 per cent of customers had altered their weekly shop in response to the cost of living crisis, with two-thirds searching for more discounts and under half buying fewer luxury items.

Expense budgeting is about to get easier for Aussies.

Coles chief executive of commercial and express Leah Weckert said the chain hopes the price lock strategy will assist customers struggling with rising inflation during a particularly difficult time for Australians.

“As we lead into Christmas, we know customers want to see price stability and prices come down on the products that matter to them most,” the chief executive said.

“We will not only be publishing the prices of locked products, but also letting our customers know how long they can depend on that price.

“Our team has been working hard with our suppliers navigating the inflationary environment and working collaboratively to manage these cost pressures. And at the same time, we continue to offer thousands of new specials to our customers every week.”

Some items have been lowered by as much of $1.50 over the past three weeks.

See the ‘highlights’ list of locked in prices below.

Coles has locked in the price of 1168 products. Picture: NCA NewsWire / Dan Peled

More than 400 household staples are also being reduced at Woolworths for the entirety of Spring, with considerable discounts to be rolled out across essential products including bread, yoghurt and coffee.

“Due to the higher cost of living being felt across all households in Australia, we know customers are looking for better value in their shop,” Woolworths’ Chief Commercial Officer Paul Harker said.

Reduced prices will take effect on August 24 and last until November 29, and will be representative of popular seasonal products, Woolworths said.

The retail giant is also running an Everyday Rewards promotion allowing customers to get five times the points on all transactions over $50 at main and Metro outlets, as well as online when boosted in the Everyday Rewards App or via email. In additional, it will continue its “price freeze” on about 200 essentials announced in June through until the end of the year.

Highlights of Coles 1168 LOCKED products

• Coles eggs free range 12 pack 700G - $4.90

• Coles cheese shredded tasty (700G) - $7.50

• Soft round rolls 6PK - $2.50

• Pepsi max soft drink 2l Pepsi Max - $2.80 (VIC/TAS) $3.00 (other states)

• Cadbury large block milk chocolate 360G - $6.00

• Arnotts salada range - $3.00

• Croissants 4 pack - $2.50

• Coles beef 3 star regular mince (500G) - $7.00

• Coles thin BBQ beef sausages 1.8KG - $12.00

• Top 20 variety potato chips 20PK - $6.50

• Coles 3 star lamb mince (500G) - $7.50

• Coles stock liquid real chicken (1L) - $1.90

• Coles durum wheat pasta range (500G) - $1

• Coles long grain rice 1KG - $1.40

• Coles diced tomatoes (400G) - $0.80

• Coles natures kitchen sweet potato and blackbean burgers - $3.75

• Coles tuna range (95G) - $0.90

• Cub unisex nappies range - $11.50

• Coles anti-bacterial handwash lime fresh 1 litre - $3

• Coles ultra advanced dishwasher tablets 40 pack - $6

• Ajax Spray n Wipe trigger kitchen stone safe 500ML - $3.50

• Coles ultra dishwashing liquid lemon - $3

• Coles mint dental floss 50 metre - $3

Highlights of products lowered in price in past 3 weeks

• Coles RSPCA Approved Chicken Portions with BBQ Rub - WAS: $9/kg NOW: $8.50/kg

• Riverview Farms Australian Hot Roast Pork - WAS: $21/kg NOW: $20/kg

• Flora Margarine Spread 1kg - WAS: $8.95 NOW: $8.50

• Bega Peanut Butter 780g - WAS: $8 NOW: $7.50

• Perfect Italiano Grated Cheese 250g - WAS: $5 NOW: $4.75

• Coles Pacific Tuna Chunks In Olive Oil 425g - WAS: $4.75 NOW: $4

• Coles Wholemeal Self Raising Flour - WAS: $2.40 NOW: $2

Originally published as Coles reveals price drop on 500 items as cost of living spikes