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The New Daily
The New Daily
Matthew Elmas

Coles posts profit uplift as higher bakery, produce prices squeeze shoppers

Coles Steven Cain Inflation
Prices and profits are rising at Australia's second largest supermarket chain. Photo: AAP

Coles has flagged higher prices for baked goods and fresh produce as soaring inflation continues to squeeze households at supermarkets.

Unveiling a $1.04 billion annual profit on Wednesday, Australia’s second largest grocery chain said prices across its stores rose 3.8 per cent in the six months to June – a sharp uptick from the prior half.

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