Pre-tax losses at Deliveroo widened to £147m in the first half of the year, as the food delivery company warned consumers were being hit by cost of living pressures and ordering fewer drinks and side dishes (The Financial Times £).
Deliveroo said revenues rose 12% year on year to £1.01bn in the first six months but pre-tax losses widened by 54% because of the soaring cost of delivery riders and staff – particularly those in technology roles (The Guardian).
The delivery service also announced that Lord Wolfson of Aspley Guise, the chief executive of Next, was leaving its board (The Times £).
Deliveroo told investors on Wednesday that it would soon begin consulting on proposals to end operations in the Netherlands, where it derives only 1% of its gross transaction value (The Mail).
Supermarkets are not cutting fuel prices by as much as they should do to match the “significant” drop in the cost of wholesale fuel, the RAC has said (BBC News).
Falling petrol prices helped to bring down inflation from a four-decade high in the United States last month, bolstering hopes that price growth has peaked in the world’s largest economy (The Times £).
The US consumer price index rose by 8.5% year on year in July, a slower annual increase compared with June, as inflationary pressures eased on the back of lower petrol prices (The Financial Times £).
July’s figure, while still high, represents a significant fall from the annual rate of 9.1% recorded in June and will raise hopes that inflation has finally peaked in the US (The Guardian). It follows other indicators that have suggested price rises are moderating.
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