Sales growth

ASSOCIATED BRITISH FOODS (AFB), announced that sales rose by 16 per cent to £4.7 billion (€5.4 billion) in the three months ending on May 27.

The group, which owns Twinings and Ovaltine as well as Primark, said the fast fashion chain’s sales had increased by 13 per cent to almost £2 billion (€2.3 billion) during the same period.

Primark’s sales growth were “supported by higher average selling prices” as retailers continued to raise selling price owing to increased production and supply chain costs, AFB said.

Dow Jones

Euro

EUR/GBP: Down from £0.87 to £0.86

EUR/USD: Up from $1.07 to $1.09

Trade in the euro was mixed over the past month. EUR exchange rates initially stumbled as a revision to Germany’s latest GDP figures showed the country slipped into a recession at the start of 2023.

The single currency then came under more pressure at the start of June after the Eurozone’s latest consumer price index reported inflation in the bloc cooled faster than expected in May.

EUR exchange rates remained suppressed as subsequent data showed that the Eurozone as a whole, fell into a recession in the first quarter.

The European Central Bank’s (ECB) latest rate decision then helped the Euro mount a recovery in mid-June. The ECB raised rates by 25bps and signalled another hike in July is ‘very likely’.

EUR exchange rates maintained a