Consumer confidence has fallen to a new record low as people facing painful budget squeezes have become “exasperated” at the state of the economy (The Times £). UK consumer confidence has fallen to its lowest level since comparable records began almost 50 years ago as the rising cost of living stokes concerns over personal finances and economic prospects (The Financial Times £). Consumer confidence is at an all-time low in light of “acute concerns” about the soaring cost of living and bleak economic outlook, according to new research (The Daily Mail).

The average price of a full English breakfast is said to have risen by nearly a fifth in the past year, with the price of milk rising by more than 7 per cent in only a month. (The Times £)

Carlsberg’s defensive fizz prone to go flat, writes The FT’s Lex column. “Higher inflation and slower economic growth will squeeze margins… Like all drinks multinationals, Carlsberg has a strategy of “premiumisation” — but the policy will now collide with the dwindling disposable incomes of drinkers. They will be trading down to back-to-basics beers.” (The Financial Times £)

Farmers have urged supermarkets to sell more misshapen and smaller fruit and vegetables after the hot, dry weather stunted crops and reduced yields. (The Times £)

A pro-Putin rapper has reopened the chain of coffee shops formerly owned by Starbucks under a new name, Stars Coffee, the latest high-profile rebranding of a major western chain after an unprecedented corporate exodus from Russia (The Guardian). A successor to Starbucks is opening in Russia - with a similar logo, some customers may feel. Stars Coffee was officially unveiled in Moscow on Thursday, 24 hours before shops start welcoming coffee lovers (Sky News).

A US judge ordered Starbucks to reinstate seven workers in Tennessee who say they were sacked in retaliation for pro-union activity. It is a victory for labour regulators, who sued Starbucks over the sackings, arguing that restoring the jobs was key to prevent future labour violations. (The BBC)

Britons struggling to keep up with the rising cost of living are unlikely to abstain from a glass of wine on the couch in the evening, according to the head of Australia’s largest listed wine producer. (The Financial Times £)

Travel retail giant China Tourism Group Duty Free has raised $2.1bn in a downsized Hong Kong share offer, as a sweeping Covid-19 lockdown in the tropical island province known as “China’s Hawaii” wreaked havoc on the company’s biggest market. (The Financial Times £)

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