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Chancellor Jeremy Hunt is to scrutinise profits in the food industry supply chain as part of a series of steps agreed with UK regulators to try to help households and squeeze high inflation (Financial Times £).

The Lex column in Financial Times (£) says profiteering accusations levelled at supermarkets don’t stack up. “Rather than benefiting from rampant cost increases, grocers are actually getting squeezed more,” the paper writes.

Shares in Ocado fell back after unconfirmed speculation linking it with a possible takeover from Amazon faded (Mail). Unconfirmed reports have claimed that Amazon had denied the speculation, prompting shares to fall 5%, or 28p, to 529.8p

Nestlé has joined Kering, the owner of Gucci, and easyJet in a pushback against carbon offsetting as a way to hit net-zero emissions targets (The Times £). The world’s largest food group has reportedly withdrawn promises to make brands such as KitKat chocolate bars and Perrier water carbon neutral by 2025, according to Bloomberg.