NEW Bisto drum

Premier Foods has posted a rise in revenue fuelled by growing demand for cheaper products as customers turn to home cooking in the face of a cost of living squeeze (The Financial Times £).

Mr Kipling owner Premier Foods has posted a rise in first-half profit and revenue despite a challenging backdrop (The Mail).

The food group behind Mr Kipling cakes and Bisto gravy is deploying cost cutting and price rises to offset mounting inflationary pressures (The Times £).

The UK’s rate of inflation hit a fresh 41-year high in October, accelerating to 11.1% on the back of rising energy and food prices (The Financial Times £).

How a crisis in British farming has sent food prices spiralling (The Telegraph). The ‘three Fs’ – feed, fuel and fertiliser – are all contributing to inflated checkout costs.

A Sunday roast for a family of four costs £36.02, up 8.6% from the same time last year (The Times £).

The prime minister vowed to cut spending and raise taxes to grip inflation as the consumer prices index hit 11.1% last month, intensifying the squeeze on households and businesses from the cost of living crisis (The Times £).

Highest rate for 41 years leaves chancellor Jeremy Hunt with difficult budget choices (The Guardian).

Chancellor Jeremy Hunt will seek to restore Britain’s tarnished economic reputation with a massive package of tax rises and spending cuts intended to repair the public finances and tame inflation (The Financial Times £).

The Times (£) has a summary of the key points of autumn statement predictions.

Tesco is renaming the “Reduced to Clear” section of their supermarkets to make it more appealing to customers, as a growing number of shoppers look to discounted produce to cut costs (The Telegraph).

Tesco is considering joining Lidl and Asda in rationing eggs, as bird flu causes shortages on supermarket shelves across the country (The Guardian).

Tucking into a mince pie is usually the first sign Christmas is on the way and with budgets under pressure this year getting your fix doesn’t have to break the bank, with a 29p pie from Aldi coming a close second to Waitrose’s brown butter pastry in a taste test (The Guardian).

Deliveroo, the food delivery group that has long had a kangeroo in its logo, has placed its Australian operation in voluntary administration (The Times £).

Rishi Sunak has accepted that there is little prospect of a trade deal with the United States after he did not bother to raise the subject with President Biden (The Times £).

Rishi Sunak has played down the prospect of any US trade deal in the near future, just days after suggesting he was in no rush to complete a deal with India before he had re-examined the package (The Guardian).

Target warned of weakening consumer demand ahead of the busy holiday season, triggering a 15% drop in its share price in pre-market trading and a sell-off among rival retailers (The Financial Times £).

A feature in The Financial Times (£) looks at how Americans ruined tequila — and the true believers saving it.