Vladimir Putin’s decision to block Ukrainian grain exports means British families will face higher food prices for longer than expected, the supermarkets trade body has warned (Telegraph).
UK shop prices dipped month on month in July for the first time in two years, according to industry data published on Tuesday, adding to evidence that high inflation might finally be starting to ease (Financial Times £).
A slowdown in food price rises and a wave of discounting by clothes retailers helped to drive down shop prices inflation last month, providing scope for the Bank of England to tame the pace of interest rate rises (The Times £).
The UK’s biggest retailers have reported the first monthly fall in shop prices for two years, as stores tried to tempt in customers with big discounts during July’s unseasonably wet weather (The Guardian).
A leading discount supermarket in Germany has raised the prices of a selection of its products to reflect their real cost on people’s health and the environment (The Guardian). In a week-long experiment in all 2,150 branches of the Penny chain, a range of nine products, mainly dairy and meat, will be priced at what experts from two universities have deemed to be their true cost, in relation to their effect on soil, climate, water use and health.
Heineken has cut its annual profit forecast after beer drinkers balked at higher prices (Financial Times £).
Heineken reported a weak first half as soft demand in Asia forced the company to cut its profit guidance, knocking more than 6 per cent from its share price (The Times £).
London-listed drinks giants lost their fizz after Heineken lowered its profit forecasts in a sign that customers were shunning pricier pints (Mail). Coca-Cola HBC fell 2.7%, or 63p, to 2292p, CNC Group sank 3.5% or 5p to 138p and Diageo slid 1.1%, or 36p, to 3397.5p after the Dutch brewer warned profits would come in below forecasts.
The new chief executive of British American Tobacco says he wants governments to subject vaping and other tobacco alternatives to “better regulations”, as global controversy over the products threatens a growth area for the industry (Financial Times £).
Supermarkets should be banned from displaying e-cigarettes to keep vapes “out of sight and reach of children”, research suggests (The Times £).
Prolific shoplifters will be targeted with mandatory jail sentences for repeat offences and a greater use of facial recognition by police and retailers (The Times £).
Costa Coffee has become embroiled in a diversity row after featuring a transgender person with mastectomy scars on the side of its vans (The Times £).
Business confidence fell last month amid growing concern over the impact of rising interest rates on the outlook for Britain’s economy (The Times £).
A major shake-up of the way alcohol is taxed could leave many drinks costing more from Tuesday (BBC News).
The return of tax-free shopping for international visitors could boost the economy by £10bn, a study has found, as pressure builds on the government to reinstate the policy amid an increase in foreign tourists (The Times £).
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