The world's drinkers are cutting back as the credit crunch bites but Brits are still flocking to order fancy European lager at up to £4 a pint.

That's the news from brewer SABMiller, which is warning of a battening-down of the bar hatches in the face of the global economic storm.

Admitting that growth in global sales by volume in the half year to the end of September slumped from 9% to marginally better than flat, it said today: "Slower volumes have constrained profit growth.

"Deteriorating global economic conditions, weakening consumer demand and volatile exchange rates make the prospects for the rest of the financial year increasingly uncertain."

Sales of Italian lager Peroni have soared 40% in the UK during the summer, with analysts putting this down to the Stella effect. Sales of Stella Artois have crashed because of what experts have called brand destruction as the "reassuringly expensive" lager got the tag of "wife-beater" and was sold down the supermarket at 50p a bottle.

SABMiller has attempted to get Peroni into the gap and into the pumps in pubs and bars.

"You will not see Peroni piled high and sold cheap in the supermarket," said a spokesman. "Our emphasis is on this as a premium beer."

Strong sales in Africa, China, Poland and Romania for SABMiller have been offset by poor showings in the US, South Africa, Russia and the Czech Republic.