Coles announces $1.1 billion profit while millions of Aussies struggle with the cost of living crisis as inflation pushes up the price of food

Coles have announced a $1.1billion profit as millions of Australians battle a cost of living crisis.

The supermarket giant’s net profit after tax for the year to June surged by 4.8 per cent, to $1.098billion, up from $1.48billion.

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Supermarket inflation also climbed by 6.7 per cent, a level higher than Australia’s broader 6 per cent consumer price index.

Revenue climbed by 6.1 per cent to  $36.746billion.

Coles have announced a $1.1billion profit as millions of Australians battle a cost of living crisis