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While millions of Australians suffer with the cost of living problem, Coles reports a $1 billion profit.

As fixed-rate mortgages transition to higher variable rates, Coles executives claim they have already seen the effect of cost of living strains on family budgets and anticipate additional sales declines.

As the supermarket reported a 4.3% increase in full-year earnings on Wednesday, company CEO Steven Cain stated, “I believe volumes generally will be tough for the sector.”

20% or more of our clients will be severely disadvantaged, and we need to take care of them. The remainder will depend on how hospitality responds.

In order to assist consumers on a tight budget, Coles has begun slashing the costs of another 500 items and has fixed the prices of 1168 products across all of its shops and online until at least January 31 of 2019.

Following a 2% increase in sales revenue to $39.37 billion, the corporation said on Wednesday that its net profit for the year ended June 26 was $1.05 billion, up from $1.01 billion the previous…

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