The boss of Sainsbury’s said there would be less choice of some product lines over Christmas and refused to rule out rising prices in the new year as retailers face inflationary pressure and supply chain problems (The Financial Times £).
Simon Roberts highlighted Sainsbury’s “scale, advanced cost-saving programme, logistics and strong supplier relationships” as the chain recorded a rise in half-year sales and profits (The Times £).
Sainsbury’s saw its profits rise by 23% in its first half and has maintained its full-year outlook, despite lingering uncertainty over supply chain disruption (The Mail).
Sainsbury’s has been forced to delay a toy promotion at its Argos chain and warned there would be lower stocks of electronic goods for Christmas as supply chain problems continue to challenge retailers (The Guardian).
Customers are Christmas shopping early, retailer Marks & Spencer has said, with nearly half expecting to have finished buying gifts by the end of November (BBC News).
The Bank of England has backed away from an immediate rise in interest rates, leaving the central bank’s benchmark at the historic low of 0.1% even as it published its highest inflation forecast for a decade (The Financial Times £).
The Bank of England retreated from a first interest rate rise in three years but warned millions of households that it was ready to act in the “coming months” as inflation heads to its highest level for more than a decade (The Telegraph).
Only two members of Threadneedle Street’s nine-member monetary policy committee voted for a rise, confounding financial market expectations of an increase in the cost of borrowing to 0.25% (The Guardian).
Andrew Bailey has been forced to defend the way he has communicated with investors after the Bank of England confounded markets by keeping interest rates at record lows (The Times £).
World wine production is expected to fall to one of its lowest levels on record after harsh weather battered vineyards in Europe’s major wine-producing regions (The Guardian).
Global food prices have hit the highest level in over a decade after rising by more than 30% in the last year, the United Nations Food and Agriculture Organization says (BBC News).
The Financial Times (£) takes a deeper dive into the issue of rising global food prices.
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