Food price inflation has dropped to single digits for the first time in a year and a half, as the cost of living crisis eases slightly (The Guardian). Annual grocery prices inflation has slipped below double digits for the first time since July last year, strengthening hopes that the cost of living crisis that has gripped households for nearly two years is easing (The Times £). UK grocery inflation has slowed to single digits for the first time in 16 months, according to sector data that will add to hopes of food prices normalising in the coming months after a long run of sharp increases for households (Financial Times £). The pace of grocery inflation has eased back to single digits for the first time since July last year, according to closely-watched industry data (Sky News).
A supermarket price war is breaking out as grocery inflation slows and the UK’s major players ‘up the ante’ on promotions, fresh industry data suggests. (Daily Mail)
Food inflation could be all but gone by Easter, according to ABF, the owner of Kingsmill bread, Twinings tea and Silver Spoon sugar – as long as there are no further shocks to the global system. (The Guardian)
The success of Primark-owner Associated British Foods in persuading shoppers to swallow price rises boosted the group’s annual revenue but it warned that high costs would persist, particularly for food (Financial Times £).
Price increases and “well-received product ranges”, including a summer Barbie collection, have driven up both revenue and profit at the owner of Primark (The Times £). Sales surged at Primark in the last year as shoppers shrugged off higher prices, boosting the retailer’s bid to open new stores (Telegraph £). Primark is cashing in on rising prices and the colder weather as it sets its sights on a bumper Christmas (Daily Mail).
The chief executive of Naked Wines has left the company after it issued a second profit warning in less than two months (The Times £). Naked Wines shares fell over 30% on Tuesday after the group cut its annual forecasts and announced its chief executive was leaving the business (Daily Mail).
Coca-Cola, Danone and Nestle have been accused of making misleading claims about how much of the vast amounts of plastics they use is recycled (Sky News). Coca-Cola, Danone and Nestle have been accused of making misleading claims about their plastic water bottles being “100% recycled” (BBC).
Poor weather around the world is likely to cause global wine production to drop to a six-decade low this year. (BBC)
Beef prices in the US have climbed to record highs as droughts in the south and west fuel higher feed costs and force ranchers to cut the national cattle herd size to a 61-year low. (Financial Times £)
Shoppers are facing a broccoli shortage after supermarket supplies were hit by wet weather, growers have warned. (Telegraph £)
Children who drink caffeinated drinks such as Coca-Cola are at greater risk of future addictions as their brains develop differently, new research suggests. (The Times £)
Wheel Topco, the owner of Pizza Express, has confirmed it will not be making an offer for The Restaurant Group ‘due to market conditions’. (Daily Mail)
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