The rapidly rising price of food including milk, margarine and crisps pushed August shop price inflation to the highest levels since 2008 as the war in Ukraine raised costs for farmers (The Guardian). Food prices rose at their fastest rate since 2008 in August - up 9.3% after a 7% increase last month (Sky News).

Inflation in Britain could top 22% on the back of high energy costs next year, Goldman Sachs has warned, as new data showed that consumers are paying record prices in the shops (The Times £). Inflation could hit 22.4 per cent next year if gas prices remain as high as they are now, according to a “terrifying” forecast by Goldman Sachs (The Daily Mail). Inflation in the UK could exceed 22% next year if spiralling gas prices are not brought under control, economists from US investment bank Goldman Sachs have warned (Sky News).

A group of UK pub chains has warned that soaring energy prices could lead to a swath of closures and urged the government to provide a package of support (The Financial Times £). Energy price increases of more than 300% are in danger of forcing pubs and brewers across the UK out of business in the coming months, industry leaders have said (Sky News). Pubs across the UK will be forced to close due to energy costs soaring by as much as 300%, brewery bosses have said (BBC).

Arla Foods, the Lurpak butter maker, expects dairy prices to continue to rise due to global milk production shortages and rising inflation (The Times £). The maker of butter brand Lurpak has said it expects dairy prices to remain high due to a decline in global milk production and soaring costs (BBC).

Unilever’s advert for one of its laundry detergents, Persil, has been banned for being misleading about its environmental benefits. The television advert said Persil was “kinder to our planet”, and featured children picking up litter on a beach. (BBC)

Ocado Retail has opened its third rapid delivery centre at a site in east London as it rolls out the Zoom by Ocado service that promises “groceries in a flash”. (The Times £)

Gopuff is to exit Spain and focus more on the UK as part of its efforts to conserve cash and steer itself closer towards profitability. The American rapid delivery group only acquired its Spanish operations a year ago when it bought the rival London-based start-up, Dija. (The Times £)

The UK’s army of small manufacturers face being pushed to the precipice this autumn as bills soar. Large numbers of firms are on fixed contracts that are due to end in October, at which point they will face huge hikes (The Daily Mail). Soaring energy bills could be the “straw that finally breaks the camel’s back” for small businesses, former chancellor Alistair Darling has warned (BBC).

A strong bounce in revenue from its hospitality and retail sectors offset the unwinding of the Covid dividend for Bunzl, but its half-year figures failed to convince investors. (The Times £)

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