Brexit will lead to cheaper food for consumers if the right policies are adopted, an official from the Office for Budget Responsibility has claimed (The Telegraph). Sir Stephen Nickell said breaking away from the EU’s common agricultural policy and a return to the system of farming subsidies adopted before joining would lead to lower prices.

The Times writes the cost of Christmas will be lower than three years ago as the latest figures from the British Retail Consortium and Nielsen show that overall shop prices continued to fall, dropping by 1.7% last month. The Telegraph says the weekly shop is still getting cheaper as prices in the shops fell for the 43rd consecutive month in November but, deflation could be coming to an end as the decline in food prices slowed sharply last month.

Fortnum & Mason has boosted sales 12% to £98.7m for the year ending on July 11 as it lured more customers into its food hall (The Mail). Profits were up 27% to £6.2m. The Guardian adds that sales of its monogrammed hampers also rose 20% this Christmas despite fierce competition from cheaper rival Aldi, which launched its “Exquisite” hampers filled with Christmas puddings, truffles and chocolates in mint green packaging last month.

Food groups are embracing ‘shrinkflation’ and using pack size changes to cope with rising costs and maintain margins, The Financial Times writes. The article looks at the pressures facing retailers and suppliers since Unilever demands for a price hike across its products thrust the issue into the public eye.

Marks & Spencer could be forced to stump up at least another £500m to fund its latest reorganisation plans, according to Investec (The Mail on Sunday). The money will be needed to close UK and international stores over the next five years as the retailer reshapes its business to focus on food and its more profitable sites, the paper writes.

Britain’s sugar tax will start to take shape today as the Treasury publishes draft legislation, while drinks companies have already accelerated plans to reduce sugar and sell more low-calorie products in response, The Financial Times writes.

The holiday season will test Walmart’s strategy revamp as the Asda owner looks to break Amazon’s market-leading grip on ecommerce, The Financial Times writes.

The Mail on Sunday picks up the accounts of Home Bargains owner TJ Morris (reported in The Grocer last week here). The paper says the “secretive owners” of the discount chain paid themselves a “staggering” record dividend of £40m – despite a drop in profit.

Coconut yoghurt firm Coyo, a set up by two former Metropolitan Police officers, expects turnover to rise by £1m to £5.5m over the next year after launching a new product line and investing £500k in expanding its factory and redesigning packaging (The Mail).

Shares in Australia’s infant formula makers fell on Friday when the country’s biggest maker of organic baby milk, Bellamy’s, warned changes to food regulations in China would eat into its revenues in the current year (The Financial Times).