Wheat field

Fertiliser producers are preparing to double their prices in a scramble to keep factories open that raises the prospect of increased food costs for millions of consumers (The Telegraph).

British food producers are facing surging prices for fertiliser, animal feed and CO2, which is used in packaging and the slaughter of livestock, as war in Ukraine disrupts exports from Russia and ramps up production costs (The Guardian).

The head of the World Food Programme, David Beasley, has warned the conflict in Ukraine could send global food prices soaring, with a catastrophic impact on the world’s poorest (BBC News).

From oil to wheat, The Telegraph looks at what surging prices mean for companies and consumers.

Pressure is growing on Western food and drink giants to pull out of Russia due to the invasion of Ukraine (BBC News). McDonald’s and Coca-Cola have been criticised on social media for failing to speak out about the attacks and continuing to operate in the country.

The Times (£) looks at the consumer businesses still operating in Russia, including McDonald’s, Coca-Cola and PepsiCo, Unilever and Reckitt, as well as tobacco firms and big brewers.

An opinion column in The Telegraph says “some companies find it easier to be woke than stand up to barbaric Putin”, with Unilever “strangely quiet” on the issue.

British households face the worst drop in living standards in half a century as rising energy prices are set to push inflation to record highs (The Times £).

The Resolution Foundation said the dramatic increase in global oil and gas prices was forecast to push UK inflation above 8% this spring, causing average incomes across Britain to fall by 4% in the coming financial year – a hit worth £1,000 per household, the biggest annual decline since 1975 (The Guardian).

UK public finances, businesses and household living standards are braced for the economic fallout of Europe’s worst military conflict in decades (The Times £).

Petrol prices have hit another record high as oil and gas costs soar amid fears of a global economic shock from Russia’s invasion of Ukraine (BBC News).

Petrol and diesel suppliers are racing to ditch Russian fuel amid efforts to isolate Moscow over its invasion of Ukraine (The Telegraph).

As oil prices rose to highs not seen since 2008 yesterday — $139 a barrel — experts warned that the worst may yet be to come (The Times £).

UK consumer spending strengthened in February as offices reopened and social life resumed following the relaxation of Covid rules but the rising cost of living is starting to hit households’ confidence, according to data from Barclaycard (The Financial Times £).

Credit card spending jumped by 13.7% overall, including a 12% increase on essentials driven by rising fuel prices (The Times £).

The head of Wincanton, the UK’s last large warehousing group, is defiant that his company retain its London listing and avoid the same fate as rival Clipper Logistics, which is being taken over by US-based GXO (The Financial Times £).

Investors with combined assets of more than $3trn have heaped further pressure on Amazon to increase transparency over where and how much tax it pays around the world (The Times £).