The first economic data post-Brexit gets plenty of coverage in this morning’s papers. UK inflation rose to 0.6% in July as the price of booze, second-hand cars, fuel and hotels rises, The Mail writes. Analysts said that Brexit vote’s impact on inflation had yet to be felt as the figure rose to the highest level in 20 months in July (The Guardian). City economists warned of steeper prices rises in the coming months as the full impact of the weaker pound following the Brexit vote is felt. The Times writes that economists believed the rise in July marked the start of inflation picking up rapidly after a year of hovering around zero, as the slump in the value of the pound since the Brexit vote will make imports more expensive which is likely to push up the cost of everyday goods and services.
The Mail reports that more than 40% of Britons are concerned about the state of the country’s economy compared to 31% a year ago, research by Future Thinking suggested. People’s confidence in their own financial situation was also faltering, with one in three planning to cut back their spending on non-essential items like clothes.
The sale by Morrisons of its 10% stake in Fresh Direct back to the online US grocer for £45m also made headlines. Read the story on thegrocer.co.uk here. The Guardian said the move was a in a boost to the supermarket’s bottom line as it was understood that Fresh Direct had bought back the stake that Morrisons acquired for about £31m in 2011. The Telegraph writes that the sale was “a further dismantling” of the legacy left by former chief executive Dalton Philips.
Unilever has bought one of the world’s largest air purifier businesses – Blueair – as the consumer giant seeks to expand its home care business (The Times).
The new chairman of John Menzies has pledged to examine the case for a break-up of the troubled business amid mounting pressure from activist shareholders for the airport baggage handler and newspaper distributor to split itself in two (The Telegraph).
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