Food costs keep inflation elevated as Woolworths posts $1.1bn profit | The Business | ABC NEWS
Figures released by the Australian Bureau of Statistics showed the annual headline inflation rate rose to 3.5 per cent last month, down from 3.8 per cent for the year to June. The RBA’s preferred measure of inflation did not budge, staying at 3.6 per cent for the third straight month. Economists say the figures have increased the risk of another interest rate hike before the end of the year. Barrenjoey chief economist Jo Masters says the data reaffirms the view that the RBA board will deliver another hike in November. Treasurer Jim Chalmers welcomed the “moderation” in annual inflation, but said he expected the data to fluctuate further in the coming months.
The same day Australia’s largest supermarket chain Woolworths posted an 18 per cent surge in profit to $1.1 billion in the last financial year, driven by strong supermarket sales helped by its Ooshies collectables campaign and Big W returning to profit.
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