A record high number of thefts from Australian retail stores has wracked supermarket giants such as Woolworths and Coles, underscoring how soaring inflation has pushed up crime rates in the country.
(Reuters)
[Compilation of Lu Yongshan/Comprehensive Report] According to statistics released by the Australian government, theft in retail stores in the country has hit a record high, putting pressure on supermarket giants such as Woolworths and Coles, highlighting that soaring inflation has pushed Australia up. crime rate.
According to data released by the New South Wales government on the 2nd, from 2021 to 2022, theft cases in retail stores in the state will surge by 23.7%, the largest annual increase since records began in 1995; 1/3 of Australia's population lives in new south wales.
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Queensland, Australia's third-largest state, also had a record high rate of retail store theft in January, according to data released by the police.
The figures underscore concerns among analysts and social researchers that soaring living costs such as groceries, energy and mortgages will push up crime rates.
That could hit profits at Woolworths and Coles, which account for two-thirds of Australia's grocery sales.
Craig Woolford, retail analyst at MST Marquee, said: "If unemployment goes up and the economy gets worse, we're going to see an uptick in thefts. Gross margins in supermarkets are already low, and any time you see a loss of stock, you're going to see a rise in theft. hit their profits."
Woolworths and Coles declined to comment.
But Coles chief operating officer Matt Swindells said in an earnings call with analysts on February 22 that the company was experiencing "significant theft" and was investing in staff training and anti-theft technology , to deal with this situation.
Australia's unemployment rate rose to 3.7 percent in January, the highest since May last year, after the RBA raised interest rates nine times in a row to reduce inflation; inflation is still close to 8 percent.
Roger Wilkins, deputy director of the Institute of Applied Economics and Society at the University of Melbourne, said high inflation, combined with higher interest rates, was the best explanation for the increase in retail shoplifting.