petrol pump

Grant Shapps appears to have stepped back from plans to introduce a law to force “rip-off” supermarkets to make their fuel prices more transparent (The Times £).

Shapps on Monday endorsed the non-mandatory scheme, which had been suggested by the competition regulator, after a summit with retailers that he had promised would involve him holding “rip-off retailers” to account (The Guardian).

Food manufacturers cut prices for the first time in three years last month, raising hopes that record-high grocery inflation will begin to ease soon, according to survey data from Lloyds’ monthly UK business tracker for June (The Times £).

The olive oil industry is “in crisis”, and the heatwave in southern Europe is threatening to inflict the second bad harvest in a row and gaps on shelves this autumn (The Guardian).

Britain’s biggest supermarket chain Tesco wants to acquire the freeholds of more stores to minimise its lease liabilities and reduce its exposure to inflation (The Times £).

Harrods will open its first private members’ club in Shanghai later this year targeting ultra-high net worth individuals as the luxury department store pins its growth hopes on China (Financial Times £).