Carrington Clarke

That is it for today's episode of ABC Business Daily.

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An Australian supermarket giant has warned its profit is going to be hurt by surging inflation, sending its share price tumbling.

And while Woolworths might be promising to lock in the price for 300 items, there's growing warnings at the rate at which other costs are going to grow, including for plastics.

Are the worst fears about this energy crisis starting to play out?

Welcome to ABC Business Daily.

I'm Carrington Clarke.

Amelia, thank you so much for joining us.

My pleasure.

Let's start with this result from Woolworths because it's set markets alight and it seems to be some of the first hard evidence we have about how widespread this inflationary pressure from this oil supply crisis is.

is actually.

On one hand, this is a pretty stellar result from Woolworths.

I mean, it's seen a 4.5% increase in sales to $18 billion across its group, which includes its supermarket divisions, but also its Big W and other divisions.

But it's the forward guidance that is the reason we've seen the share price fall, isn't it?

It's that they're saying...

that they don't expect to hit the same profit that they might have hit previously because they're seeing these inflationary pressures build within the economy more broadly.