Food price inflation has hit its highest level in almost a decade, according to two closely watched surveys, suggesting that the squeeze on household incomes may be even tighter than previously thought (The Times £).

UK shoppers are choosing to shop at discount supermarkets in greater numbers as grocery price inflation reaches its highest level in a decade amid a mounting cost of living crisis (The Guardian). Shoppers are turning to cheaper own label food products and discounters like Aldi and Lidl as they battle grocery price inflation, new data reveals (The Daily Mail).

Asda and Morrisons run out of ammo in the war for Britain’s squeezed middle class, writes The Telegraph’s Ben Marlow, arguing that debt-fuelled takeovers of the supermarkets leave them badly prepared for grocers’ latest price wars. “Both have been left leveraged up to the eyeballs after succumbing to private equity buyouts financed by high-cost borrowings, leaving them less able to compete on price.” (The Telegraph)

Irn-Bru maker AG Barr has resumed dividend payments after posting a jump in profit and growth across all its brands (The Daily Mail). Britons are drinking cocktails in record numbers at home and in bars according to drinks group AG Barr, as consumers opt for a pornstar martini or mojito in a trend accelerated during the pandemic (The Guardian).

Average petrol prices are not fully reflecting a recent cut in fuel tax, according to motoring group the RAC. While fuel duty was cut by 5p per litre last week, petrol has fallen less than 4p, and diesel by less than 3p, it said. (The BBC)

Tesco has begun an inquiry into the relationship between one of its executives and a waste recycling firm, after a report suggested that plastic it had claimed was being recycled may have ended up at landfill sites or burnt. (The Times £)

A major new survey by FareShare, which distributes surplus food to thousands of organisations across the UK, found that of the 1,200 groups which took part, 90% said their work is being impacted by the cost of living crisis. FareShare says it doesn’t have enough food to support the growing need. (The BBC)

The Daily Mail looks at the market for potash – “one of the Earth’s most magical minerals”. It is a compound that contains potassium, an essential ingredient of fertilisers needed to grow staple crops such as rice, wheat and soybeans. “Over the last year the price of potash has sky-rocketed. First, because of supply problems and high energy prices caused by the pandemic but then exacerbated by sanctions against Belarus – the world’s third biggest producer.” (The Daily Mail)

Grocery unicorn Instacart’s valuation downgrade could presage a freeze in tech initial public offerings. The tech heavy Nasdaq index is off 10 per cent year to date — an off-putting prospect for private companies. But unfavourable market conditions are only partially to blame for Instacart’s problems. (The Financial Times £)

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