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World Business Report

is that for the past eight months or so we have seen a deceleration in food price inflation, so food price rises are starting to his life good news for the sector and this year volumes are expected to return to growth. if we look specifically at christmas, provided, get provided much needed respite for supermarkets. i think this supermarkets. i think this supermarkets all had a pretty much bumper christmas and we will hear from tesco, as you said, in about an hour or so, andi said, in about an hour or so, and i think as the largest supermarket chain in the country, they've done a stellar job of defending market share. they had the budget supermarkets like aldi and lidl nipping at their heels to steal shoppers away and tempt them with lower prices plaything tesco has done a really good job to stem the tide of shoppers, switching to discounters, they've been investing in lower prices

News , Volumes , Food-price-inflation , Food-price , Deceleration , Life , Sector , Eight , Supermarkets , Growth , Supermarket-chain-tesco , Respite

World Business Report

updates from the uk's biggest supermarket chain tesco as well as marks and spencer. on wednesday, sainsbury�s reported a jump of more than 9% in sales over the past six weeks, sounding good, demand for essentials such as groceries were booming, but sainsbury�s was the biggest loser on the ftse 100 yesterday, as it revealed sales in general merchandise slipped, clothing was down, and argos had a dire christmas. natalie berg is founder of the retail consultants nbk retail. good morning. it kind of tells us what we think we know which is the buying essentials, we can't live without our sprouts, milk and turkey but we are choosing not to purchase the more expensive, non—essential items? more expensive, non-essential items? ., �* , more expensive, non-essential items? . �* , �* , more expensive, non-essential items? . �, �, , items? that's right. it's been a tou . h items? that's right. it's been a tough couple _ items? that's right. it's been a tough couple of _ items? that's right. it's been a tough couple of years - items? that's right. it's been a tough couple of years for. items? that's right. it's been l a tough couple of years for the supermarkets. they've had skyrocketing inflation and volumes have been in decline. shoppers have had to spend more to buy less. but the good news

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BBC News

meanwhile, g7 leaders injapan announce new sanctions against moscow — we'll have the latest from both summits. the tesco boss quits after allegations of inappropriate behaviour. in the next hour, nasa will announce the company to build spacecrafts for their latest expedition to the moon. welcome to bbc news. it is a day of two important summits — with the war in ukraine being the common theme. at the g7 gathering injapan, world leaders met to discuss a new round of sanctions against russia. while at the arab league meeting in saudi arabia, president zelensky made a surprise visit, urging those attending, to support ukraine. he told the gathering injeddah that, on this, the asoth day of the war, the world needed to fight the �virus of aggression� from moscow — stressing kyiv would not give up any sovereign

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BBC News

a year before he was expected to stand down, he has been under pressure in recent weeks after allegations emerged in the media of his conduct, for women made allegations of inappropriate and unprofessional behaviour, one was a senior member of tesco staff who said he touched her bottom at last year's agm, a similar claim was made by a member of cbi staff, the allegation dates back to 2019, tesco said they carried out a full review into these allegations and have not found any wrong doing themselves but felt this was becoming a distraction, so this appears to be why the active now. john allan strenuously denied these claims and apologise for another allegation made a comment about a female member of staff, he released a statement this afternoon saying he regretted having to stand out from the job following utterly baseless abnegation is against him, there is no evidence of any wrongdoing, i

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BBC News

all of the a62 seats are being contested. polls have suggested sinn fein may overtake the democratic unionists to become the biggest party in local government for the first time. nationwide has announced a a0%jump in profits for the 12 months to april. the company's chief executive says the strong performance meant some customer accounts would be receiving payments of £100. the government is setting out a one—billion—pound strategy to try to boost the semiconductor industry in the uk. the investment over the next ten years is designed to focus on chip design and development rather than manufacture. you're live with bbc news. the chairman of the uk's biggest supermarket chain — tesco — is to step down from his role next month.

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World Business Report

are looking for that release, desperately grasping for any good news. tell us more. certainly, they are, and this is a ray of light because it is the first time in almost three years that tesco has cut milk prices. all we have seen in the shops is a steady ramping up prices to eye watering levels. a low—fat milk has seen some of the biggest rises, up until february. what has been happening is that finally input costs for farmers are coming down. that is the latest from the agricultural survey that is carried out by the uk government, so injanuary you saw milk, factory gate prices fall back by about 4% on the month, so this has given the supermarkets a bit of wiggle room because you are seeing those prices of milk of the wholesale market falling back, and so that is what it has decided to pass on this lower

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World Business Report

stop raising interest rates, lowering interest rates to get control, and did not do that at that time, which caused a very long—term period of very bad economic times, which we call stagflation, which we do not see repeated in the united states again.— see repeated in the united states again. no, definitely nobody wants _ states again. no, definitely nobody wants to _ states again. no, definitely nobody wants to see - states again. no, definitely nobody wants to see that, l nobody wants to see that, especially in an election year as well. thank you very much indeed. to the uk now, where there is a rare bit of good news on the soaring cost of living. the uk's biggest supermarket chain tesco is cutting the price of milk by 5 pence a pint. now, that's not going to make much difference to the weekly shop, but it's the first price cut in almost three years. tesco says it's starting to see cost deflation in the wholesale market, and has decided to pass the fall onto consumers. so, is this a turning point? susannah streeter is senior investment and markets analyst at hargreaves la nsdown. good morning to you. many of us

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World Business Report

The latest business news with informed analysis from the world's financial centres. [S]

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BBC News at One

britain's biggest supermarket chain tesco has reported a rise in sales, but a fall in profits. it said people are now "watching every penny" as they try to make ends meet amid the rising cost of living. the company's boss said shoppers are buying more own—label products, and the business is facing significant inflation pressures. our business correspondent, emma simpson, is here — this is another big supermarket chain talking about the pressure that household budgets are under. there is no doubt that there is a big shift under way in consumer behaviour. and of course, we are in the midst of the biggest squeeze on incomes since the 1950s, so it's not surprising that we are trying to save money as we do our weekly shop, because we can see up close the impact of these soaring price rises. and the change has been pretty rapid and dramatic. aldi spoke about it

People , Penny , Shoppers , Cost-of-living , Supermarket-chain-tesco , Products , Profits , Ends , Rise , Sales , The-company , Boss

BBC News at One

last week. tesco are doing so today. it has reported a 10% fall in underlying profits in its retail operations, said this was down to of things. as you said, that switch from branded products to cheaper own label ranges. customers putting fewer items in their baskets, people moving into frozen from fresh food, so volumes are down. and of course, tesco, like all the other supermarkets, are trying to absorb a lot of these huge cost price pressures that they are facing. tesco are also saying today that it is increasing pay for staff for the second time in a year. that is an extra 20p an hour, taking total pay up extra 20p an hour, taking total pay up around 8% for the year. it has also announced a price freeze today on more than 1000 products. the ceo of tesco warned about significant uncertainties ahead about how consumers are going to continue to

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