🦘 Inflation Continues To Fall, Petrol Prices Getting Cheaper, Woolworths Strives To Battle Price Gouger Image

G’day everyone!

Here’s what we’ve got in store for you today:

• Inflation Continues To Fall

• Petrol Prices Getting Cheaper

• Woolworths Strives To Battle Price Gouger Image

Let’s have a look at the market snapshot before jumping into the news:

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Inflation Easing, But RBA Still Playing Hardball

Australian inflation might be cooling off, but the RBA isn't going soft just yet.

Fresh data for July shows inflation nudged down to 3.5% from 3.8% - still a hair above what the experts predicted.

The trimmed mean, which skips over volatile items, also dipped slightly to 3.8% from 4.1%, thanks to slower price hikes in clothes, electricity, and fuel.

Even with this slight relief, the money markets are keeping their eyes locked on a potential rate cut in December.

But don't get too excited; RBA Governor Michele Bullock has hinted that more policy tightening might still be in the cards.

The RBA left its interest rate at a 12-year high of 4.35% just a few weeks ago and remains laser-focused on getting inflation back to its 2-3% target.

Treasurer Jim Chalmers remains optimistic saying, "Inflation is stubborn but on the way down," largely crediting government energy subsidies that made electricity bills 6.4% cheaper in July.

As the RBA gears up for its next meeting, it looks like they'll continue to walk the tightrope between battling inflation and supporting economic growth.

The RBA’s next big decision could be a game-changer, so stay tuned!

Get Ready to Fuel Up for Less: Petrol Prices to Drop in Australia

Aussies, it's time to do a little happy dance at the pump!

Petrol prices are predicted to fall below $1.70 per litre, the lowest we've seen since last January.

However, the big savings might take a minute to reach everyone, especially those in the big cities.

Here's the scoop: World oil prices have been dropping, with the unleaded price benchmark for motor gasoline falling by US$3.3 per barrel recently.

NRMA motoring expert Peter Khoury predicts this will translate to petrol prices dipping significantly, but there’s a catch - some regional towns are already basking in lower costs while urban areas like Sydney and Brisbane will play the waiting game.

In some places, like Melbourne, the shift is already happening with prices dropping to $1.71 per litre.

But Sydney and Brisbane’s fuel cycles mean they’ll need to hang tight a bit longer.

Perth, on the other hand, updates prices more frequently, which could mean quicker relief.

While the primary driver here is global oil prices, local factors like the fuel excise tax and oil companies' profit margins also play a role.

It turns out, competition isn’t necessarily driving down prices in all markets, leading to higher costs in big cities.

So, hang on tight, and keep an eye out for those cheaper prices coming your way!

Woolworths Battles ‘Price-Gouger’ Image with CEO Bowing Out

Woolworths’ CEO Brad Banducci is wrapping up his tenure with a hands-on approach, spending his final weeks on the store floor and as a delivery driver, trying to convince shoppers they're getting value for money.

Despite overall sales boosting to $67.9 billion, profits have taken a hit. Woolies posted a slight 0.6% fall in earnings to $1.7 billion, grappling with consumer perception and a shift to own-brand products.

A Greens-led Senate inquiry and changing consumer habits have created headaches for the retail giant.

Customers, feeling financial stress, turned to budget-friendly options swiftly depleting Woolworths' stock, leading to frustrations.

Brad admits there were mistakes but insists on his efforts to rectify them.

Meanwhile, Woolies' e-commerce saw a juicy 20.2% jump, but still lagged under rival Coles' 30.1% spike.

The supermarket titan is also feeling the pinch from its New Zealand operations and Big W's performance faltering under competitive pressure.

Investors seem upbeat, though, with shares climbing 2.8% after results.

Banducci hands over to Amanda Bardwell, who promises to focus on value and customer experience.

With the holiday season looming, all eyes are on Woolies' next moves.

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