Australian supermarkets will reap bigger profits in fiscal 2023 half-year due to decades-high inflation and increased savings, but analysts warned of a rough second-half as households reel from mounting expenses due to higher cost of living.Top supermarket chains Woolworths Group and Coles Group will lik
Australian supermarkets will reap bigger profits in fiscal 2023 half-year due to decades-high inflation and increased savings, but analysts warned of a rough second-half as households reel from mounting expenses due to higher cost of living.
The hikes have added A$900 a month in repayments to the average A$500,000 mortgage, according to an estimate. Woolworths said food prices over the September quarter rose 7.3 per cent, while Coles reported a 7.1 per cent rise. Australia reported headline inflation of 7.8 per cent in the December quarter, a 33-year high.
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