Up, up, prices are up

Politicians have tried to blame supermarkets for higher grocery bills. But higher costs are the reason, not corporate greed.

Big business continues to get bigger. Earlier this week, Coles, an Australian supermarket chain, announced its earnings. The grocer’s annual sales and profits surged. Revenues jumped 4% to A$43.6bn ($29.6bn), and the firm's net profit after tax hit A$1.1bn. Cue the political outrage. "Up, up, profits are up," wrote Adam Bandt, the leader of the Australi…