Breakfast briefing: Retail news on Tesco, Irish inflation and eBay

S&P cuts Tesco’s credit rating

Standard & Poor’s (S&P) has downgraded Tesco’s credit rating which sent its shares down to a new 10-year low, The Guardian reported. The supermarket’s rating was cut by one notch, as Standard & Poor’s analysts pointed to a picture of weakening sales and profitability.

Consumer price index inflation in Ireland up 0.3%

The consumer price index (CPI) measure of inflation increased 0.3% in Ireland in the year to July, according to Central Statistics Office’s official figures. The Harmonised Index of Consumer Prices (HICP) remained stable at 0.5% in the year to July.

eBay gains top spot as most popular retailer on mobile

EBay has beaten Amazon, Argos, Tesco and John Lewis to be named most popular retailer on mobile, according to Ofcom’s Communications Market report. The Drum reported that EBay had a mobile reach of 34%, while Amazon trailed behind with a reach of 28% followed by Tesco (13%), Argos (12%) Asos (7%) and Asda (6%). The proportion of mobile internet users who use their handset to buy goods or services rose four percentage points to 24% between March last year and March this year. Mobile internet shoppers were also found to be spending more money via their handsets each month.