Supermarkets have told ministers that food prices have peaked and will start falling significantly in the coming months. The Treasury held a call with leading supermarkets after Andrew Bailey, governor of the Bank of England, blamed the “very big underlying shock” for stubbornly high inflation (The Times £).
The Grocer, which last week exclusively revealed the PM had summoned food bosses to Westminster for face-to-face talks, reported this week that Rishi Sunak has cast the net far and wide for organisations to attend talks next Tuesday on how to get a grip on inflation. There is speculation that alongside supermarket bosses, farming union chiefs and leaders of trade bodies, Sunak has invited television celebrity Jeremy Clarkson. Read more here at thegrocer.co.uk.
MPs are launching an investigation into rising food prices and whether parts of the supply chain are “unduly” benefiting from grocery inflation (The Times £). With households facing the highest food price inflation since the 1970s, the environment, food and rural affairs committee is launching an inquiry into “fairness in the food supply chain”.
A business editorial in The Guardian says Sharon White still needs to be clearer about John Lewis’s mutual status. “How can there be ‘no question’ of demutualisation if the board ‘could consider’ bringing in an outside investor?”
Breal Capital, an investment firm, is in talks to buy The Black Sheep Brewery days after the prominent Yorkshire-based company warned that it was on the brink of insolvency, according to Sky News.
A rescue of the Black Sheep Brewery in Yorkshire was close to being agreed yesterday after an investment firm entered talks on a takeover of the business (The Times £).
A Norfolk brewery has changed the name of its award-winning White Face ale after drinkers began to complain that it sounded “a bit racist” (The Times £).
Italy’s authorities have refrained from capping pasta prices and reassured consumers that the market will readjust after the cost of the staple food rose for two consecutive months at double the rate of inflation (The Financial Times £).
The UK economy eked out growth in the first quarter of the year, accelerating at a modest pace to ensure that the economy is not at immediate risk of recession (The Times £).
The new director-general of the CBI has vowed to build a better organisation with a “new look” out of the ruins of the business lobby group’s workplace misconduct scandal (The Times £).
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