As the conflict in Russia and Ukraine continues, it has been reported that The Kremlin has been urged to increase prices of vodka, in order to match inflation driven by the war.

Korean liquor giants, including Hite Jinro and Lotte Chilsung Beverage, are set to reduce the wholesale prices of their soju brands beginning next year.

A group of over 100 UK drink industry figures have signed a letter written to The Times urging the chancellor to rethink its decision to reverse the alcohol duty freeze.

Portugal’s association of wine traders, Anceve, has called on the government for economic support as it warns rising costs have left many small- and medium-sized producers “on the verge of bankruptcy”.

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Exports of Austrian wine by value have exceeded estimates as a result of higher prices and a decline in bulk wine.

Fine wine prices fell 15% in 2011, fine wine index Liv-ex has reported.