Shoppers have continued to cut back on non-essentials as inflation eats into budgets, according to the latest supermarket sales survey by NielsenIQ. (The Times £)

The pound soared above $1.24 and stock markets rallied yesterday as falling US inflation gave the green light to America’s Federal Reserve to scale back its aggressive rate hikes (Daily Mail). The pound can buy more dollars than at any point in the last six months after the US rate of inflation slowed to its lowest rate in nearly a year (Sky News).

The price of a fresh turkey centrepiece for Christmas dinner has increased by as much as 45% because of shortages caused by the bird flu outbreak, which has wiped out 1.6 million of the birds in the UK. (The Guardian)

Pepco, the Warsaw-listed discount retailer, said it would increase spending on new stores rather than paying dividends as it seeks to capitalise from consumers trading down to cheaper brands. (Financial Times £)

The cost of living squeeze and soaring energy bills will push more firms over the edge in the new year, experts have warned. (Daily Mail)

Pubs face a “bleak” future as costs climb and customers rein in their spending, a pub chain boss has warned. Clive Watson, co-founder of the City Pub Company, said refurbishment plans were on hold and some kitchens may have to close at quiet times because of the rising price of food and energy. (BBC)

As millions say they are cutting back, The Guardian looks at key areas fuelling a Christmas cost of living crisis. (The Guardian)

Tropical vineyards put India on the wine map. Innovative producers have adopted a range of approaches, from flipping the grape-growing season, to using kiwi fruit instead of grapes, to packaging wine in cans. (BBC)