Morrisons profits plunge 50% after ‘unprecedented’ inflation

Aldi has overtaken Morrisons to become Britain’s fourth-biggest supermarket group. Photograph: Morrisons/PA

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.