Coca-Cola has joined PepsiCo in raising annual forecasts as the two top fizzy drinks makers benefit from resilient demand despite raising prices to cover surging costs. (The Times £)

The price of a bowl of tomato pasta, a favourite meal among British households, has risen by nearly 60% since last September due to soaring inflation. (Financial Times £)

The price of low-cost everyday grocery items has increased 17% in the 12 months to September, data from the Office of National Statistics has shown, more than the average rate of food and drink inflation (Sky News). The price of pasta, tea, chips and cooking oil has soared, according to new data, with vegetable oil going up by 65% in a year (BBC).

Nelson Peltz has been asking former chief executives if they wish to join him on the board of Unilever. The billionaire activist investor has approached two former bosses of rival companies to ask if they wish to succeed Alan Jope as chief executive. (The Times £)

The pound hit a six-week high as Rishi Sunak became prime minister today, another sign of the markets welcoming the country’s new leader (Sky News). The pound has hit its highest level since mid-September, as investors welcomed the appointment of Rishi Sunak as prime minister and the dollar fell (BBC).

Mondelez has become the latest food company to step up its efforts to raise pay and reduce child labour in cocoa farming, as tensions flare between the African nations that produce much of the global crop and the chocolate industry.  (Financial Times £)

The UK is heading for a season of discontent. Prices are spiralling, possible energy blackouts loom, public services are crumbling, and soon there will be no more three-for-two deals on Quality Street. As the economy flounders, with particular pressure on low-income households, the measures to reduce promotions and advertising for food high in fat, salt and sugar are easily portrayed as Scrooge-like. A new administration grappling with double-digit inflation may be tempted to roll them back or delay indefinitely. (Financial Times £)

Seven years ago, San Francisco start-up Juul made electronic cigarettes into an unlikely status symbol. Shaped like USB sticks, they had the sheen of a tech product and a valuation to match, hitting $10bn in record time. Now it is reportedly in talks with two of its investors — Nick Pritzker, the Hyatt Hotels heir, and Riaz Valani, a partner at Global Asset Capital — about a bailout that could help avoid a bankruptcy filing. (Financial Times £)

THG shares surged on Tuesday, after the online nutrition and beauty retailer said demand for its products remained resilient despite the cost of living crisis (Daily Mail).

The owner of Premier Inn and restaurant chains including Beefeater has reported a bounceback in profits to above pre-Covid levels but warned of a £60m increase in costs this year fuelled by soaring inflation (The Guardian).

Is the party over for Cognac maker Rémy Cointreau? Its shares are down by a quarter this year, after falling 6% on Tuesday. That was after the French premium drinks maker said consumption trends would return to normal in the second half, on the heels of two “outstanding” years. (Financial Times £)

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