Source: Asda

Asda suffered a fall in sales in the latest quarter as the supermarket pledged to “keep grocery bills in check” for people hit by the rising cost of living (The Times £).

British households were on average £160 worse off in July than a year earlier, according to research by the supermarket Asda, as it said it would do more to help shoppers being squeezed by soaring food and energy costs (The Guardian).

Retailers saw an unexpected pick-up in sales last month, but the mood among companies was still its bleakest since the start of the pandemic, a survey has suggested (The Times £).

Love Hemp, a cannabis company backed by former world heavyweight boxing champion Anthony Joshua, was hit with a £100,000 fine and had its shares suspended from London’s alternative stock exchange after an inquiry found it had misled investors over its financial position (The Times £).

Marks & Spencer has been dragged back into a row over its decision to allow shoppers to choose whether to use the men’s or women’s changing rooms (The Telegraph).

India’s cabinet has approved restrictions on wheat flour exports to calm prices in the local market (The Guardian).

Financial markets are betting the Bank of England will more than double interest rates by May next year, as concern mounts about further rises in UK inflation (The Financial Times £).

Eurozone ratesetters have warned that a weakening euro is helping to stoke record inflation across the bloc as the European Central Bank sets the stage for another aggressive rate rise (The Times £).

Small business owners across Britain have told of sleepless nights and fears they will not survive the winter due to looming increases in their energy bills (The Guardian).

The number of EU citizens migrating to the UK for work has collapsed while the number of people from non-EU countries gaining work visas has surged, according to the first Home Office study since Britain left the bloc and Covid-19 travel curbs were eased (The Financial Times £).

Food and drink industry bodies have sounded the alarm over potential carbon dioxide shortages, after one of the UK’s largest suppliers of the gas said surging energy costs were forcing it to pause production (The Guardian).

Lidl and Waitrose will start selling “wonky” fruit and vegetables that have been “stunted” by UK drought conditions as part of efforts to support farmers struggling with the driest summer for 50 years (The Guardian).