In Australia the misleading part is what's actually weighed. The price per kg for canned beans doesn't help when 400g supermarket brand is 280g beans, 120g water. :(
But on average, with pretty much everything else, it works just fine.
I believe it's based on what the pack displays, if its grams then they show price per gram, if its ml, likewise.
I suppose its still possible to game with own label goods, from what I've observed it only seems to come up in a limited range of goods, sauces and suchlike.
I havent weighed a litre of oil, but a litre of water is a kg, so water based goods should be fairly comparable ml to g, that's the basis I work on anyway.
A lot of stores in Germany do something else, where they'll use the price per 100g for one brand and price per 1kg for another in order to make it just slightly harder to realize how expensive something is at a glance.