Deliveroo’s pre-tax losses amounted to £147million in the first half as the food delivery company warned consumers were being hit by cost-of-living pressure and ordering fewer drinks and food accompaniment (The Financial Times £).
Deliveroo said revenue rose 12% year-on-year to £1.01bn in the first six months, but pre-tax losses rose 54% due to soaring delivery costs and staff, especially those in technology positions (The Guardian).
The delivery service also announced that Lord Wolfson of Aspley Guise, the chief executive of Next, is leaving its board of directors (The time £).
Deliveroo told investors on Wednesday it would soon begin consultations on proposals to end its operations in the Netherlands, where it derives just 1% of its gross transaction value (The mail).
Supermarkets are not cutting fuel prices as much as they should to compensate for the “significant” drop in the cost of wholesale fuel, the RAC said (BBC News).
Falling gasoline prices helped push inflation down from a four-decade high in the United States last month, bolstering hopes that price growth has peaked in the world’s biggest economy. world (The time £).
The consumer price index in the United States rose 8.5% year-on-year in July, a slower annual increase than in June, as inflationary pressures eased due to lower prices for gasoline (The Financial Times £).
The July figure, while still high, represents a significant drop from the 9.1% annual rate recorded in June and gives hope that inflation has finally peaked in the United States (The Guardian). This follows other indicators that suggest price increases are moderating.