By James GlynnSYDNEY--Australia's biggest food retailers will face a parliamentary inquiry into price gouging amid an ongoing steep jump in the cost of living. Grocers Coles and Woolworths will face the inquiry after Greens senator Nick McKim called for the investigation, accusing the companies of unfair price increases, adding that their chief executives would be questioned. "This inquiry is a critical step toward dismantling the market concentration that's led to unfair pricing and stifled competition," he said on Sunday. Inflation in Australia raced at an annual rate of more than 8% in 2022, but has since cooled sharply. Assistant Competition Minister Andrew Leigh said Sunday that the center-left Labor government supported the inquiry, saying Australians need answers to why prices are rising.

Source: Wall Street Journal December 03, 2023 21:52 UTC