Coles to reduce price of more than 300 products until Easter

Supermarket giant Coles will drop the price of more than 300 popular grocery products until after Easter in a massive win for households amid a cost-of-living crisis.

The company said on Monday the second phase of its popular “drop and lock” scheme would begin on Wednesday in-store and online and includes brands such as Kellogg’s, L’Oreal, Uncle Toby’s as well as Coles’ own-brand products.

Last week, NCA NewsWire reported that Coles intended to continue its “drop and lock” scheme, which began in October.

The products included by Coles in their most recent round of price reductions include Coles RSPCA chicken drumsticks, which have been reduced from $5 to $4.50, 500g of Coles pork and beef bolognese mince, reduced from $6.50 to $6, and Coles lamb loin chops, down from $28 a kilo to $23 a kilo – an 18 per cent reduction.

Arnott’s Vita-Weat crispbread, Coles soft white wraps, Tip Top white hamburger bread rolls and wholemeal and grain soft wraps have also been reduced in price.

The decision to reduce the price of more than 300 items, which is more than double the 150 items reduced by the supermarket in October, comes amid a gruelling cost-of-living crunch for most Australian households.

The interest rate of 3.1 per cent is the highest it’s been in more than a decade, while in the federal government’s October budget Treasury anticipated combined power price hikes of 63 per cent across this financial year and the next.

“We understand many Aussie households are feeling the pinch following Christmas and by dropping and locking the price of hundreds of popular and essential items we are honouring our commitment to helping Aussie budgets go further,” Coles chief executive of commercial and executive Leah Weckert, said.

“This latest round of dropped and locked doubles the number of products compared to the first phase of the campaign and we’re certain this extension will save Aussies millions of dollars over the coming months,” Ms Weckert said.