One half of Australia's supermarket duopoly, #Coles reported their profits rose by considerably more than their modest increase in sales volume and despite rapidly rising shoplifting amidst a #CostOfLiving squeeze. This is strongly suggestive of corporate #profiteering - confirming other studies that have revealed the duopoly's willingness to exploit an inflationary period by jacking up prices beyond the implications of any supply disruptions.

Yet the #InvisibleHandOfTheMarket * in its infinite and ineffable wisdom gave the Coles share price a spanking at this news, apparently for not profiteering hard enough.

*as always, wherever you see/hear the phrase #TheMarket it is necessary to translate this into "the desires and priorities of very wealthy people", who own the vast majority of corporate shares.
#Auspol #plutocracy #inflation #greed

https://www.theguardian.com/business/2023/aug/22/coles-supermarket-annual-profit-rise-grocery-price-rise