Global food prices are set to soar still further after Russia’s attack on Ukraine threatened supply chains, pushing up commodities markets that had already hit multiyear highs (The Financial Times £).

Petrol prices will rise above £1.60 a litre as the turmoil from the war in Ukraine spreads, the government estimates, with experts forecasting that household energy bills will reach £3,000 a year (The Times £).

Global markets were thrown into turmoil on Thursday as the outbreak of war on European soil sent prices of commodities from oil and gas to wheat surging, while stock market plunged (The Guardian).

The FTSE 100 endured its worst day since the first Covid-19 lockdown yesterday as European stock markets tumbled and the price of oil rose above $105 a barrel for the first time in nearly eight years after Russia invaded Ukraine (The Times £).

Russia’s invasion of Ukraine risks disrupting the export of critical commodities and rupturing supply chains, experts have warned, as multinational companies with operations in the region brace for the fallout (The Financial Times £).

The Lex column in The Financial Times (£) examines the effect of the Ukraine conflict on food prices. “War is a punch in the breadbasket for poor importers,” the headline says. “Developing nations are likely to suffer most from disrupted production in the vital wheat-growing Black Sea region.”

The Grocer also takes a look at what impact the conflict could have on food prices.

UK consumer confidence plunged in February and many measures of spending remained below pre-pandemic levels as surging living costs hit morale even before Russia invaded Ukraine (The Financial Times £).

Rapid price rises have left Britons increasingly pessimistic about their finances, a report has found (The Times £).

Extreme winter storms may have deterred some shoppers from venturing out last week, but wind, rain and snow failed to dampen the enthusiasm for buying among those that did hit the high street as consumer spending edged up (The Times £).

The sushi chain YO!’s parent company has picked further advisers for a potential £750m listing even as market jitters exacerbated by Russia’s invasion of Ukraine threaten a slew of company flotations, according to Sky News.

The world’s largest brewer Anheuser-Busch InBev grew sales by more than 15% last year as drinkers emerging from pandemic restrictions reached for more expensive beers (The Financial Times £).

The emerging plant-based meat sector slumped on Thursday after industry leader Beyond Meat missed Wall Street estimates and the owner of another leading brand downgraded its growth expectations for the category (The Financial Times £).

Alibaba has reported its slowest quarterly sales growth since its 2014 public listing, as the Chinese ecommerce giant was hit by Beijing’s regulatory crackdown on technology groups and rising competition (The Financial Times £).

Alibaba has recorded its slowest quarterly growth since its listing in New York in 2014 after being hit by rising competition and a slowing Chinese economy (The TImes £).