Coles and Woolworths food prices rise by 9.6 per cent in past year, outpacing inflation rate

Analysis by UBS has found Woolworths and Coles have both seen significant price increases. (ABC News)

Australian supermarket food prices have increased by a new peak of nearly 10 per cent over the past 12 months, outpacing annual inflation as the cost of living continues to rise.

Newly published analysis, conducted by investment bank UBS, found prices at Coles and Woolworths had increased by 9.6 per cent over the past 12 months to April.