Supermarkets are in line for a cash injection worth “billions” after winning a long-running legal battle against MasterCard and Visa over swipe fees (The Telegraph). Retailers including Asda and Argos are in line for potential billion-pound payouts after the UK’s highest court ruled that transaction fees charged by Visa and Mastercard breached competition laws (The Financial Times £).

Prices grew at their slowest pace in four years last month as cheap oil and subdued demand suppressed inflation (The Times £). The rate of inflation has tumbled to its lowest level since 2016 despite official figures suggesting shop prices remained relatively stable during the COVID-19 lockdown last month (Sky News). Supermarkets were among the few shops allowed to open in May and food prices rose, the ONS said (The BBC).

Food and drink manufacturers from across the EU and the UK have urged Brussels to take a more “flexible” approach to future commerce arrangements with Britain, warning that a basic free trade deal would hurt companies, workers and consumers. (The Financial Times £)

There is growing concern in the UK farming community, which has some of the highest animal welfare standards in the world, that it will not survive the coming onslaught of global competition. At the heart of the problem for UK farmers is cost. US pork production costs are about half those of the UK due to intensive rearing methods such as sow stalls and growth-enhancing feed additives such as Ractopamine. (The Financial Times £)

An increase in sales during the national lockdown has been more than offset by “considerable additional costs”, Domino’s Pizza Group warned yesterday (The Times £). Pizza delivery giant Domino’s has predicted that its first-half profits will be lower as a result of higher costs related to the lockdown period despite experiencing a jump in its UK sales (The Daily Mail).

A swathe of central London is to be transformed into a continental-style outdoor dining area under plans to keep bars and restaurants in business. (The Guardian)

Hundreds of pubs could shut forever unless Boris Johnson decides in the next 48 hours when they can reopen, the UK’s largest beer companies have warned. (The Guardian)

The pandemic is heralding a “permanent” shift in consumer spending, with increases in debit card and domestic transactions here to stay, according to Visa’s European chief executive. (The Financial Times £)

One of America’s most recognizable but unreconstructed household brands, Aunt Jemima pancake products, will change its name and image in an effort by the brand to distance itself from racial stereotypes. (The Guardian)