Owner of Cadbury’s, Mondelēz International, has announced an agreement to acquire Clif Bar and Company, a US energy bar manufacturer, for $2.9 billion.

According to the latest figures released by Kantar, the average annual grocery bill is on course to rise by £380, over £100 more than reported in April this year.

David Buttress, the new cost of living tsar, has indicated that he will use his position and contacts to help tackle rising food prices as well as other essentials.

Commenting on Tesco’s latest trading figures, chief executive Ken Murphy said that the market environment remains “incredibly challenging” as the cost of living is being felt by shoppers nationally.

Following an official alert published in May, the Food Standards Agency (FSA) has welcomed news from Westminster Council that counterfeit Wonka Chocolate Bars worth around £100,000 have been confiscated.

The latest report from the Institute of Grocery Distribution (IGD) has forecast that food inflation may be set to hit its highest level in more than 20 years.

A report by the Food and Drink Federation (FDF) has found that the food and drink industry added jobs at a faster pace than the economy as a whole: quarter-on-quarter, job growth stood at 1.5%, above the UK’s growth of 0.8%.