Yahoo Finance Coles drops price of lamb to lowest in four years
The supermarket giant has dropped prices on the popular meat, as well as other summer staples.
Coles has reduced the cost of lamb to its lowest in years, as the supermarket giants come under fire for failing to pass on lower prices to customers.
From today, Coles will be offering its Australian Lamb Loin Chops for $16 per kilo, which it says marks a 25 per cent saving and is the cheapest price in four years. Lamb cutlets will also be on sale for $29 per kilo, a saving of $5. But these deals are only available for the next two weeks, with the prices in place until January 23.
Rival Woolworths is currently offering its Lamb Mid Loin Chops for $22 per kilo - down from $28 per kilo - as part of its Prices Dropped campaign. Its lamb cutlets are available for $34 per kilo - down from $43 per kilo.
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Coles also announced it was dropping the price on more than 300 products for the next 12 weeks, including meats, deli and seafood, health, beauty, baby, pantry and bakery items, as well as back-to-school essentials.
Discounts include beef sizzle steaks for $11 - down from $13 - beef rump steaks for $22 per kilo - down from $28 per kilo - porterhouse steak two packs for $14 - down from $18 - and scotch fillet two packs now $16 - down from $22.
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Coles’ executive general manager of fresh, Andy Mossop, said the supermarket was committing to providing customers with value throughout the year.
“Our customers are seeking lower prices and immediate value more than ever,” Mossop said. “We’ve lowered the price on a variety of essentials and customer favourites, including a selection of household staples such as cheese, coffee, pasta, dishwashing tablets, baby needs and more.”
Seasonal fruit and vegetables are also cheaper right now compared to last year, Coles said. Avocados, rockmelons and watermelon are all 40 per cent cheaper, eggplants are 41 per cent lower and cauliflower is 20 per cent cheaper.
What is Woolworths offering?
A Woolworths spokesperson told Yahoo Finance it had extended its Prices Dropped offer on lamb, including 20 per cent off standard lamb cuts, until January 31.
“This includes lamb leg roast at $8 per kilo, forequarter chops at $12.50 per kilo and lamb leg steaks (540g) pack for $11,” the spokesperson said.
"In November, we also announced price drops on more than 400 products as part of our Prices Dropped for Summer program. This includes an almost 30 per cent drop on our 600g sausage range to $5 per pack, which is the lowest price we've had on individual packs since 2019.”
Its Priced Dropped for summer campaign will run until February 27, 2024.
Supermarkets put on notice
The discounts come as the government warns it will use “all available levers” to ensure businesses pass on lower costs to customers.
The government has appointed former Labor minister Craig Emerson to head up a review of the Food and Grocery Code of Conduct. The review, which was first announced in October, will look into how retailers conduct business with suppliers.
Coles and Woolworths have faced criticism for recording large profits while households face higher grocery bills and cost-of-living pressures. Coles recorded a net profit of $1.1 billion last financial year, up 4.8 per cent, while Woolworths posted a $1.6 billion profit, up 4.6 per cent.
A separate senate inquiry, led by the Greens, is also due to probe allegations of price gouging by the supermarket giants this year. Coles and Woolworths CEOs have confirmed they will front the inquiry.
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