A sharp rise in costs at Greggs can be kept in check by doubling down on the drive to fight competitors on value for money during the cost of living squeeze, its chief executive has said (The Times £). UK bakery chain Greggs has defied hospitality industry gloom with a 15% rise in sales in the most recent quarter, despite pushing through a series of price rises in the past year (The Financial Times £).

Hot food meal deals are helping to fuel sales growth at the high street baker Greggs, which raised the price of its popular sausage roll on Monday for a second time this year (The Guardian). Greggs hiked prices again this week across a number of products, including its popular sausage rolls, even as the baker posted a 15% jump in sales (The Daily Mail). Greggs has raised the price of its sausage rolls for the second time this year after the cost of ingredients increased more than expected (The Telegraph £)

Supermarkets have been accused of taking 10p extra in margins on fuel – despite the cost of filling up a car with petrol dropping below £90 for the first time since May (The Guardian). Motorists are being denied a further 10p cut in petrol prices because retailers have hiked their profit margins, according to the RAC (Sky News).

British shoppers are expected to spend £4.4bn less on non-essentials – a fall of 22% – in the run-up to Christmas as a surge in the cost of living puts a squeeze on their spare cash. (The Guardian)

Walker’s Shortbread has reported an 89% rise in annual profit despite supply chain disruption and rising prices for raw materials. (The Times £)

Britain’s mid-sized companies are scaling back investment plans as soaring inflation and interest rate hikes erode business confidence. (The Daily Mail)

Cook co-founder Ed Perry talks to the The Times about the impact of almost going bust in 2008. “We managed to claw our way through and just about come out the other side but it was a long process. It was probably about four years of recovery to get properly back up and running because we didn’t have the oxygen of external capital.” (The Times £)