Let’s be honest, we can’t keep blaming supermarkets for the sky-high food prices May 4, 2023 Supermarkets get all the blame for the sky-rocketing food prices. But they've tried to keep prices as low as possible against inflationary pressures and supply chains disruptions, writes Matthew Lesh
Tesco, Sainsbury’s face calls for investigation into ‘profiteering’ as prices soar May 2, 2023 An inquiry should be commissioned into whether supermarkets have been “profiteering” during the cost-of-living crisis, the Liberal Democrats have said. Party leader Sir Ed Davey is calling for the competition watchdog to start an investigation into whether food retailers put up the price of goods by more than was necessary to cover the cost of [...]
Coffee beans and ready meals send food inflation soaring yet again – and peak is yet to come May 2, 2023 Food inflation reached new highs in April soaring 15.7 per cent, according to new data, with the cost of convenience food such as ready meals and coffee beans increasing due to supply chain woes. While shop price inflation fell slightly by one per cent in the month to 8.8 per cent, food prices remained at [...]
Sainsbury’s profits takes inflation and cost of living hit as supermarket faces stark choice April 27, 2023 In its full year results for the year ending 4 March 2023, Sainsbury’s pre tax profits fell from £854m to £327m as the retailer battled to keep its pole position as one of the UK’s largest supermarkets. The supermarket giant said it was impacted by non-cash asset impairments, driven by a higher discount rate, and [...]
The Square Mile and Me: Susannah Streeter on Northern Rock, Primrose Hill and Anne Boden April 27, 2023 Each week we ask the City’s movers and shakers to delve into the memory bank – and this week, it’s the former journalist and now Hargreaves Lansdown’s Head of Money and Markets Susannah Streeter in the hotseat What was your first job? My first job was as a silver service waiter for functions at the [...]
Pret hikes price of coffee subscription in wake of soaring inflation April 26, 2023 Pret-A-Manger has revealed that it is increasing the price of its subscription service by £5 in the wake of soaring inflation. The London-born coffee chain said that the price of its ‘Club Pret’ loyalty service is rising from £25 to £30, however, fans of the cafe will now also receive a 10 per cent discount [...]
New CBI boss determined to rebuild group and ‘win back trust’ after sexual misconduct scandal April 26, 2023 The new boss of the CBI has pledged to “rebuild and reimagine” the crisis-hit organisation and “win back trust” as the group continues to deal with an ongoing sexual misconduct scandal. Rain Newton-Smith, the new director-general of the Confederation of British Industry (CBI), today apologised to the women who made allegations of sexual harassment, assault [...]
John Lewis boss vows to keep employee-owned retailer ‘unique’ April 26, 2023 Dame Sharon White has vowed to preserve what makes the John Lewis Partnership “unique,” as the chief of the struggling retail chain outlines how the company plans to navigate the cost of living crisis and retain its customer base. Dame Sharon told The Telegraph retailers were continuing to see the “effects of the pandemic” and [...]
Why is John Lewis overhauling its loyalty card scheme? April 25, 2023 John Lewis and Waitrose are both preparing to launch new loyalty card schemes as the partnership looks to turn around the business. The John Lewis Partnership, which owns the department store and upmarket grocery store, has drafted in Dunnhumby, the company which helped establish Tesco’s clubcard scheme in the 1990s and, also, promotions business Eagle [...]
Nestlé: Nespresso and Kit-Kat maker hikes prices and sweetens sales growth April 25, 2023 Share price in Kit-Kat maker Nestlé were up as the food giant beat profit expectations while hiking the price of its goods. The Swedish packager, which owns brands such as Nespresso, Smarties Nesquik and Maggi stock cubes, reported a sales growth of 5.6 per cent to CHF23.5bn (£21.2bn) in the first leg of the year [...]