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Supermarket profits still strong despite cooling inflation
Published 28 August 2024, 9:39 am
Consumer prices cooled over the year to July, although by less than expected, as temporary government energy rebates came into play. Food price rises were still a major contributor to the latest inflation numbers. Yesterday, Coles, which helps set those food prices, posted a $1.1 billion profit and today Woolworths posted a $1.7 billion profit. It's prompted fresh calls to break up the supermarket duopoly in Australia. Woolworths says prices on its shelves have come down, in line with cooling inflation, but while prices appear to be moderating, underlying pressures remain.
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