The Competition & Markets Authority launched a probe in May, following accusations from across political parties that supermarkets were deliberately keeping prices high to bolster their margins. It said it had found no evidence of weak competition in the sector (The Grocer).
The Telegraph examines the CMA decision and looks at why supermarkets have been cleared of profiteering on food – “for now”.
The UK competition watchdog has warned supermarkets that it will examine any attempts to rebuild profit margins after the recent fall in inflation and called on the government to reform pricing policies to help consumers (The Financial Times £).
Supermarkets must make prices clearer, the UK’s competition watchdog has said after finding that confusing labels were preventing shoppers from getting the best deals (The Guardian).
Supermarkets have been told they must lower prices for shoppers as the cost of everything from labour to ingredients starts to fall (The Telegraph). The Competition & Markets Authority told grocers to pass on falling wholesale prices to customers after its initial investigations into high prices found no evidence of profiteering, despite concerns about so-called “greedflation”.
Big brand-owners such as Heinz and Unilever are to be investigated by the competition regulator amid concerns shoppers are being overcharged for groceries (The Telegraph).
Asda has pledged to cut the price of more than 200 own-brand groceries just hours after its billionaire co-owner was grilled by MPs over petrol costs (The Telegraph).
The family behind the value retail giant Wilko is exploring a change of ownership for the first time in a bid to salvage the chain’s future, according to Sky News. Advisers to Wilko have begun sounding out potential buyers of the business in the last few days.
UK ministers are set to delay a new £1.7bn a year recycling scheme after bowing to pressure from retailers and food producers, which have warned that it will increase food and drink prices amid the cost of living crisis (The Financial Times £).
Marks & Spencer has been refused permission to demolish and rebuild its main store on Oxford Street in the West End of London in a win for campaigners concerned about the carbon footprint of redevelopment (The Guardian).
Marks and Spencer has accused Michael Gove of being “anti-business” and said it would review its future on London’s Oxford Street after the communities secretary blocked plans to rebuild its Art Deco flagship (The Financial Times £).
The Housing Secretary on Thursday blocked Marks & Spencer from demolishing its landmark store, objecting on the ground that the project could harm the character of the area (The Telegraph).
Stuart Machin, the M&S chief executive, said the decision was “utterly pathetic” and meant the company will review its future on the country’s busiest shopping street (The Times £). It was an act of “self-sabotage” by Gove that would have an effect on “the nation’s fragile economic recovery”, he said.
M&S’s proposal to knock down the 93-year-old art deco building near London’s Marble Arch and replace it with a modern retail and office complex had been approved by Westminster council (The Grocer).
Russia has bombed Ukraine’s port cities for a third consecutive night after warning that it would treat grain ships as military targets, a threat the EU said demonstrated Moscow’s “barbarian attitude” as it attacks food supplies (The Financial Times £).
Wheat prices have been climbing on global markets, just days after Russia pulled out of an agreement that guaranteed safe passage for ships carrying cereals through the Black Sea, reigniting fears of the impact on poorer, grain-importing countries, as well as on western nations dealing with stubbornly high inflation (The Guardian).
An explainer in The Guardian examines the Black Sea grain deal and why it collapsed.”What will happen now that Russia has pulled out of deal that allowed Ukrainian grain to reach world markets?”
The maker of Mr Kipling cakes and Bisto gravy says it has no more price rises planned this year following a substantial easing of costs, adding to hopes that shoppers have experienced the worst of surging inflation (The Financial Times £).
In a statement that will be considered exceedingly welcome both by shoppers and the Bank of England, Alex Whitehouse, the chief executive, said: “We believe the recent period of significant input cost inflation is now past its peak and have no further price increases planned for the rest of 2023.” (The Times £).
The news came as owner Premier Foods reported a 21% increase in sales in the first quarter of the financial year, compared with a year earlier (The Guardian).
The group’s declaration of easing cost pressures follows similar claims from supermarket bosses and fresh Office for National Statistics data this week revealing slowing consumer price inflation (The Mail).
Chapel Down is set to reap the rewards of ‘perfect growing conditions’ as southern Europe battles monster heatwaves, the boss of the English wine producer has said (The Mail).
Consumer confidence has fallen for the first time in six months after rapidly rising interest rates and mortgage costs dealt a blow to households already battling a cost of living crisis (The Times £).
A feature in The Financial Times (£) looks at the western businesses trapped in Russia. “Companies looking to get out are struggling with a dearth of buyers and hardening Kremlin attitudes,” the paper writes.
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