Food manufacturers need to ensure that they maintain factory audits and supply chain assessments to preserve food safety, particularly in times of supply shortages, LRQA has noted. According to the global assurance partner, manufacturers could be at growing risk of food fraud if they do not take the correct precautions when selecting new suppliers, reports ESMmagazine.com. Events such as those in Ukraine – where the recent Kakhovka dam burst flooded hundreds of thousands of hectares of land being used for agriculture – are expected to have a significant impact on food supply, particularly wheat, the price of which already reached a record high last year. As a result of this turbulence in the market, food manufacturers may need to seek new suppliers, and LRQA is warning firms to be extra vigilant when doing so.
German consumers are facing stronger headwinds than expected in 2023 as inflation remains stubborn, the HDE retail association said on Tuesday, forecasting a 4% decline in revenue in real terms, reports Reuters. "Significantly higher costs for energy and goods as well as weak private consumption have put the retail trade under pressure in the first half of the year," said Alexander von Preen, president, HDE. HDE had previously forecast a decline of 3% in revenue this year in real terms.
Sainsbury's said any additional profit it made from selling fuel was reinvested into the business to lower food prices not grow its margins, when asked about the findings of the competition authority's report into fuel prices, reports Reuters. "Any benefit we get from any other part of our business, so whether that's Nectar, Argos, the bank, Tu, Habitat or fuel gets invested right back into food," Simon Roberts, CEO told reporters on Tuesday.
Read More: Weekly Round-Up ... 27 June 2023