Inflation Slows to 3.5pc as Woolworths Faces 93% Profit Decline, ASX Sinks
Inflation Slows Significantly
Recent data from the Bureau of Statistics reveals that inflation slows to 3.5 percent for the year ending July. This shift signals a possible easing of economic pressures that have plagued consumers and businesses alike.
Woolworths Annual Profit Dive
In a dramatic turn of events, Woolworths reported an astonishing 93 percent slump in its annual profit, primarily attributed to a massive write-down. This plunge raises alarms about the sustainability of the retail sector amid tightening consumer spending.
ASX Continues Downward Trend
The Australian Securities Exchange (ASX) has also seen a continued decline, marking its second consecutive day in the red. Investors are reacting cautiously to the mixed economic signals from both inflation trends and corporate earnings.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.