On Thursday, Britain’s Co-operative Group reported a sharp drop in its interim profit. The grocery-to-funerals and legal business provider faces supply chain snags because of rising inflation, higher wages, and energy costs.
In a statement, Chair Allan Leighton, Chairman of the Co-operative Group, stated that the current testing would not ease in the second half and would continue to face challenges.

This month the confidence levels among Britain’s consumers sank to a record low as they struggle with higher costs of living; the government’s mini-budget sowing turmoil in the mortgage market has led to warnings of a sharp drop in housing and lodging prices.

In the year’s first half, higher energy and wage inflation increased for the company, despite several attempts to cut costs to offset some external headwinds. The Co-operative groups have also posted a slump of 84 per cent in their first-half profit before tax to 7 million pounds.

Co-operative Group Limited, trading as Co-op, is a British consumer co-operative mutual that operates food retail, grocery, funeral care, e-pharmacy insurance, legal businesses, and services. The company has over 65,000 employees across the United Kingdom. The group was established in the United Kingdom in the mid-19th century, owned by small retailers who sold various goods.