Inflation falls but price pressures remain as supermarkets face questions over profits

Inflation is coming down but the heat on the supermarkets is rising.
After outrage over last year's profit results — which prompted a series of inquiries — Woolworths and Coles are experiencing increased scrutiny from consumers, politicians and consumer watchdogs concerned about the lack of competition in the sector.
Excluding losses in its New Zealand business and a reduction in its stake the alcohol and hotels spin-off Endeavour, Woolworths recorded a 0.6 per cent drop in full-year profit to $1.7 billion.
It said its Australian food sales increased 5.6 per cent over the financial year to $50.7 billion.
It comes after Coles reported an annual profit of $1.1 billion. Coles chief executive Leah Weckert said the results were driven by more Australians opting to have a meal at home instead of dining out during a cost of living crisis.
ACTU Assistant Secretary Joseph Mitchell and Greens leader Adam Bandt have accused the supermarket giants of price gouging.
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