But unfortunately, my hip pocket is struggling to be happy for them.
👉 Background: Inflation shot to 5.1% for the 12 months to March this year.
👉 What happened: Sales at Coles rose 3.6% to $8.2 billion over the March quarter. That's because supermarket shelf prices increased 3.3% (ahem red meat prices).
👉 What else: Coles reckons inflation will continue to increase until mid next year... which means our ol' hip pockets will get a giant, red, Coles-sized hole through them.
💡 Over the last decade, we've seen the price of raw materials increase. But, for the large part, the cost increases have been absorbed by manufacturers.
💡 In fact, manufacturers and supplies now face an average 11.1% increases in costs thanks to freight costs up, pallet shortages, higher global commodity prices and higher labour costs
💡 So now, we're starting to see increased costs flow through to supermarket shelves in a big way.
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