Weekly Round-Up ... 4 July 2022

By Donna Ahern
Weekly Round-Up ...  4 July 2022

British retailers raised prices at the fastest pace since 2008 this month, driven by the rapidly rising cost of food, according to industry data that showed the extent of the inflation squeeze for households. The British Retail Consortium (BRC) said on Wednesday that average prices among its members in early June were 3.1% higher than a year earlier, the biggest jump since September 2008 and speeding from May's 2.8% rise. The BRC's measure of inflation covers a narrower range of goods than Britain's official consumer prices index, which showed inflation hit a 40-year high of 9.1% in May. Food prices on the BRC's measure were up 5.6% on the year in June compared with a 4.3% rise in May, the largest food price rise since June 2011.

Aldi Denmark has announced that it will continue to focus on its turnaround plan in the current financial year after a challenging 2021. Gross turnover at Aldi Denmark amounted to DKK 4.7 billion (€630 million) in full year 2021. It marks an increase of DKK 120 million in net profit compared to 2019. The company’s performance was impacted by store network expansion and modernisation efforts, an internal organisational change and the pandemic, reports CEO of Aldi Denmark, Finn Tang, said, "We are working hard to create 'The New Aldi' - an attractive grocery chain that appeals to Danish consumers. Although the result for 2021 was not satisfactory, we expect the actions we have taken to have a good impact."

US wheat futures tumbled on Friday to levels not seen since Russia's invasion of Ukraine in February disrupted flows from the Black Sea breadbasket region, pressured by a firmer US dollar and rising global supplies from the northern hemisphere's harvest. Soybeans and corn retreated in tandem with wheat in risk-off trading ahead of the long US Independence Day holiday weekend and worries about tepid demand and the broader economy. High inflation and a rush by central banks to raise rates and stem the flow of cheap money has fuelled sell-offs across markets, pressuring grains prices that had spiked to near record peaks following Russia's invasion. "The outside markets are certainly a factor, especially if you're talking about a Federal Reserve policy shift and a dollar that's exploding higher," said Mike Zuzolo, president of Global Commodity Analytics.

© 2022 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. For more retail news, click here. Click subscribe to sign up for the Checkout print edition.


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