Consumer staples sold off as cost of living bites

Coles and Woolworths were sold off on Wednesday as the leading ASX consumer staples stocks face a tougher outlook framed by accelerating inflation pressures in the economy.

The consumer price index rose 7.3 per cent in the September quarter on an annual measure. On Tuesday night, the Albanese government handed down its first federal budget, which offered no further cost-of-living relief.