Woolworths warns of pain for meat lovers and checkout cheats

Red meat lovers should be ready for more price pain while self-service checkout thieves need to watch out for a big crackdown, warns the Woolies supermarket chain chief.

Woolworths chief Brad Banducci says theft from self-service checkouts is “much higher than what it should be” but a crackdown is getting the issue under control.

The boss of the nation’s biggest supermarket chain also warned red meat lovers should brace for more price pain with drought set to push beef and lamb prices even higher.

Woolworths boss Brad Banducci. Picture: John Feder

The comments were delivered as a profit update showed Woolworths continued to outpace Coles in supermarket sales growth after a big lift from its Lion King Ooshies collectables program.

But the rate at which it is cutting prices has fallen to its lowest level since Coles launched the supermarket price wars in 2011 with the now abandoned $1 a litre milk.

Average prices declined by 0.4 per cent for the 53 weeks to June, Woolworths said.

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But they rose 0.5 per cent in the last three months of the financial year as drought pushed up the price of fruits, vegetables and meat.

The average figure masked an ongoing overall drop in dry grocery goods but price spikes in fresh food.

Mr Banducci said there was little respite on the way for red meat prices.