Coles, Woolworths cop a sharemarket savaging after ACCC alleged supermarket giants systematically mislead consumers on discounts

Australia's supermarket giants Woolworths and Coles are being taken to court for allegedly misleading consumers about price discounts on hundreds of products.

The competition regulator, the A-Triple-C, claims consumers have been duped by promotions about discounts that were "illusory" and that rather than being lower, some prices were actually higher.

The legal action comes as Australians continue to hurt from then high cost of living .. and allegations earlier this year that supermarkets have been price gouging.

Here's my coverage from The World Today and earlier the breaking news on the Perth edition of AM.