PRICES ON RISE – HARVEY
HARVEY Norman chairman Gerry Harvey has joined the chorus of Australian CEOS warning of the inflationary pressures now running rampant in the economy.
He said “there was nothing not going up” in price right now.
The billionaire said he had been forced to raise the prices for his goods at Harvey Norman stores, across categories such as consumer electronics, bedding, homewares and white goods, and that sustained price hikes were the new reality.
“Prices are going up, there is no doubt about that,” Mr Harvey said.
“There is nothing not going up in the whole market. Doesn‘t matter whether it’s petrol or food, everything is going up at the moment and that’s why everyone is talking about inflation.”
Harvey Norman reported sales growth across Australia for the first eight weeks of 2022. The retailer still posted a 6.7 per cent fall in its profit after tax for the December half of $430.91m as revenue fell 6.2 per cent to $4.91bn.