Inflation in the price of groceries is close to a record high of nearly 10%, costing shoppers an additional £454 a year at the till, research shows (The Times £). Supermarket inflation is expected to reach the highest level since at least 2008 in August after rising to almost 10% this month, amid the worst squeeze on household budgets on record (The Guardian).
Morrisons has been losing customers to German discounters Aldi and Lidl since falling into private equity ownership last year and as the cost of living crisis bites. (The Daily Mail)
The latest study by Kantar Worldpanel shows how the cost of BBQ products has surged compared to last summer as shoppers grapple the effects of cost increases across the supply chain (Sky News). Sunscreen and ice cream sales soared in the UK as families prepared for the record-breaking heatwave (The BBC).
Profits at Hotel Chocolat have melted away as the chocolatier revealed it was reining in its ambitions in the US and Japan following a business review (The Times £). Hotel Chocolat nearly halved in value after it warned of a slowdown in the UK and a £26million hit overseas (The Daily Mail).
Melanie Smith, chief executive of the joint venture between Ocado and Marks and Spencer and a key figure in its creation, will leave the business at the end of August (The Financial Times £). Melanie Smith, who is due to depart at the end of next month, won kudos for the way she brought together the strength of the 138-year-old M&S brand and its food offer with Ocado’s proprietary technology (The Times £).
Amazon’s core UK division was handed a tax credit of just over £1m last year by HM Revenue and Customs despite the online retailer’s profits soaring by almost 60% to £204m. (The Guardian). Amazon paid nearly £3billion of tax in the UK last year. In an attempt to fend off criticism it does not pay its fair share, the internet giant published a wide-ranging blog post outlining details of its finances (The Daily Mail).
Losses almost tripled at the UK’s largest poultry producer last year, with 2 Sisters Food Group warning of mounting pressure from inflation and labour shortages. (The Financial Times £)
Shares in Haleon fell for a second day after the consumer health giant became Europe’s biggest stock market listing for a decade. (The Daily Mail)
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