Supermarket giant Coles sees a "tale of two cities" emerging among Australian consumers, who are split between those doing it tough and seeking lower prices and those willing to pay more for convenience.
The result, which was in-line with analysts’ expectations, came as prices ticked up 0.9 per cent - a swing from 0.8 per cent deflation in the same quarter a year ago.Coles’ chief executive Steven Cain said inflation was driven by fresh food, with the price of popular items like apples, bananas and capsicums all rising due to weather impacts.
Excluding fresh food and tobacco, prices fell 0.9 per cent in the quarter, Coles said, with shoppers who were being squeezed by cost of living pressures opting for lower-priced private label products. Mr Cain said there was a “tale of two cities” among Australian consumers, with a lot of families “doing it tough” and seeking out lower prices, and others being willing to pay for convenience through services like UberEats.
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