The days of cheap food may be over, the Bank of England’s chief economist said on Monday, warning that supermarket prices would still be rising much faster at the end of the year than overall inflation (Financial Times £).
Average pay is about to start rising faster than inflation for the first time in more than a year, economists have said, amid signs that the cost of living crisis is beginning to ease (The Times £).
Washout weather in July dampened retail demand as Britons saw no reason to restock their summer wardrobes (The Times £).
Britain’s hard-pressed retailers are being forced to slash their prices to drum up business after dismal summer weather and ever-higher interest rates combined to depress consumer spending in July (The Guardian).
Vegan food firm Beyond Meat has seen its sales plunge by almost a third as the rising cost of living squeezes shoppers (BBC News).
Amazon has told thousands of marketplace sellers in the UK and continental Europe it will hold on to sale proceeds for more than a week in a move that small businesses say could force them to go bust (The Guardian).
Rents must be slashed and investment poured into Oxford Street to save it from becoming a scourge of tacky sweet shops, industry leaders have warned (Mail).
Ministers have been criticised for not extending rules allowing UK pubs to sell takeaway pints after the end of next month (The Guardian).