Morrisons profits plunge 50% after ‘unprecedented’ inflation

Underlying profits for 13 weeks to end of July fell to 177m from 356m in same period a year earlier

Morrisons has revealed its profits dived 50% this summer as it battled unprecedented inflationary pressures" at its in-house food processing arm.

The supermarket, which lost its spot as the UK's fourth largest grocer this month when it was overtaken by Aldi, said underlying profits had dived to 177m in the 13 weeks to 31 July from 356m in the same period a year earlier.