Coles and Woolworths raise price of milk by $10m to offset legal costs

Supermarket giants Coles and Woolworths have announced today that customers might notice a slight increase in milk prices, with 3L of full cream now retailing for around $10m.

The move has come after the ACCC announced strong and vague consequences against the supermarket giants amidst evidence of colluding and price gouging, leading to the supermarket giants being on the hook legal costs well in the millions.

“Unfortunately due to these false accusations of raising prices for no reason, we’ve been forced to raise our prices to help fund our legal battles,” a joint statement read.

“We’re like any small businesses with a billion dollar annual profit and huge market influence. We have to react to what’s happening around us and that unfortunately means raising our prices a little, really this is all inflation’s fault.”

“There is no evidence that we are artificially raising our prices, just as long as you ignore all the ACCC’s evidence or your own grocery bills.”

Both supermarkets have announced that next week milk will be on sale for an ‘amazingly cheap’ $1m per bottle.