The Office for National Statistics said the rate of Consumer Prices Index inflation was unchanged from the 3% level reported in January.

The supermarket group said it is ‘tough for customers right now’ and committed to further investment in pricing.

The rate of Consumer Prices Index inflation was unchanged from the 3% level reported in January, the Office for National Statistics said.

February’s inflation rate of 3% means if an item cost £100 a year ago, it would now cost £103.

IGD (Institute of Grocery Distribution) said the conflict in the Middle East could result in food inflation more than doubling by the summer.

The Prudential Regulation Authority (PRA) said it is the first time it has fined a firm for failing to conduct its business with integrity.

Kingfisher, which also owns French brand Castorama, revealed that pre-tax profits rose by 23% to £378 million for the year to January 31.

The Maidenhead-based business, which has more than 200 employees, is currently part of Advent’s Cobham Ultra defence business.

The companies have not disclosed the value of the deal but the Financial Times reported that it values Huel at about one billion euros (£870 million).

The sports nutrition business told shareholders it is ‘cognisant’ of disruption to shipping routes and purchasing habits in the Middle East.

An FOI has shown that modelling by the Treasury has indicated it expects significant rebates in the face of changes to business rates valuations.

Shares in the books, stationery and crafts retailer jumped on Friday morning as investors welcomed the shift in strategy.

Tim Martin, chairman of the 794-strong chain, said cost increases ‘may result in profits that are slightly below’ market expectations.

Unilever said it is in talks over an ‘inbound offer’ from the French’s mustard and Schwarz manufacturer.

£30 billion ecommerce firm JD.com is launching the shopping platform on Monday, as it seeks to challenge major rivals including Amazon in the UK.

Alex Baldock said the pressures on supply for chips caused by the rapid growth of the AI sector could result in price inflation.

The conflict in Iran has halted shipments through the Strait of Hormuz and pushed the price of oil and gas sharply higher.

He received £1.9 million in fixed salary, pension and benefits for the year, but saw this heavily eclipsed by around £11.8 million of bonuses.

The package also includes paid tech placements and support for those returning after career breaks to re-enter technology jobs.

The retailer will give staff a 2% bonus after improving profitability and indicating progress in its transformation plan.