If there is a recovery under way in the US, it is not spilling over into workaday markets served by Kraft Foods North America. Net revenues fell by 1.8 per cent in the third quarter, while the core cheese business suffered a whopping 10 per cent decline as Kraft slashed its prices by 17 per cent to keep the volumes moving.

That explains why Kraft is so determined to continue its campaign to secure Cadbury. Where Kraft’s figures were slugs, snails and processed cheese, Cadbury’s were sugar, spice and chocolate. Cadbury’s UK revenues showed solid growth but, more importantly, demand in the developing markets continues unabated. This bid is about Kraft’s need to escape the dying home fires. It needs to find food retail avenues where there are large numbers of consumers who are a feeling a bit wealthier, rather than a bit poorer. It matters not a jot that the average American is so much richer than the average Brazilian or Indian. What matters is whether the average Carioca from Rio feels he can afford another bar of chocolate today.

For that Kraft may feel it can afford a bit more than £9.8 billion, but not just yet.

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