Australia will make it illegal for supermarkets to price-gouge starting in July.
Bloomberg reported on the bold move by the government, which says the goal is to protect shoppers from high prices. The change will ban very large grocery chains from charging prices considered to be "excessive" relative to the cost of supply plus a "reasonable" margin.
"This is all about getting a fairer go for families in their weekly shop," officials said in a statement.
Australian consumers aren't the only ones feeling the pinch when it comes to grocery prices. For instance, NBC News reported that average orange juice prices in the United States are up 37.6% and that the cost of ground beef has risen 16.4% compared to last year. Other product prices, including those of coffee and chocolate, have also spiked notably in recent months.
TCD Picks » Martie
💡Martie makes it easy to find quality food at massive discounts while helping to fight food waste
Economists blame a number of factors on higher costs at the supermarket, including inflation, labor shortages, post-coronavirus pandemic supply chain disruptions, and climate-related issues such as droughts and heat waves that are making it difficult for farmers to successfully harvest crops.
Meanwhile, about one-fifth of all food produced globally for human consumption is thrown out, according to the U.N. Environment Programme's 2024 Food Waste Index Report. This food loss and waste not only contributes to food insecurity worldwide, but it also costs $1 trillion each year and is responsible for about one-tenth of planet-heating pollution, per the United Nations.
You can fight back against these problems and save money at the supermarket by checking out companies that resell overstock and surplus products at lower costs. Martie is one such service that offers groceries and other essentials at up to 80% off their original prices. For instance, though coffee prices have surged in the past year, Martie offers highly discounted options from brands including Peace Coffee, Kahawa 1893, and Death Wish Coffee.
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