Tesco is pushing suppliers to pass on savings from falling costs as Britain’s biggest supermarket sets out to cut prices more aggressively than its rivals (The Sunday Times £). In a presentation to its grocery suppliers on Thursday, Tesco characterised the market as moving from “inflation to deflation” and made clear it intended to lead on price cuts.
The feedback from some suppliers was that Tesco was being “selective” because other costs, such as wages, were still rising (The Guardian).
Supermarket food prices have increased by more than 25% over the past two years according to the consumer group Which?, with the size of the rise reinforcing the case for retailers to be forced to display detailed price information on loyalty card offers and promotions so shoppers can find the best deal (The Guardian).
Supermarkets and other fuel retailers have until August to voluntarily share live prices in a government scheme designed to prevent overcharging (BBC News).
The UK’s inflation rate is expected to drop this week but is likely to remain four times over the Bank of England’s official target of 2% (The Guardian).
The boss of John Lewis has warned that criminals have a “licence to shoplift” amid a rise in cases driven by the cost of living crisis (The Times £).
The Guardian runs a podcast asking: ‘has Britain become a country of shoplifters?’
Getir is racing to finalise a major fundraising that it hopes will dispel intensifying rumours about its solvency. Sky News reporta that the grocery delivery app, based in Turkey, is working with investors to announce a funding round by the end of the month.
Moscow has taken control of the Russian subsidiaries of Danone and of Carlsberg’s Baltika Breweries, according to a decree signed into law by President Vladimir Putin on Sunday (The Financial Times £).
The units have been put in “temporary management” of the state, under a new order signed by Russian President Vladimir Putin (BBC News).
The Mail on Sunday has an interview with Co-op boss Shirine Khoury-Haq, who maintains there has been no overcharging or opportunism by supermarkets.
Czech billionaire Daniel Křetínský is poised to win the battle for control of Casino after a trio of investors led by billionaire Xavier Niel dropped out of the running to bail out the heavily-indebted French food retailer (The Financial Times £).
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