Food prices have jumped faster than the already bloated inflation rate, causing the cost of cupboard staples such as cereal and milk to soar, according to official figures.
Latest data released by the Office of National Statistics (ONS) revealed that food prices have risen by 4.4 per cent over the last year, the highest figure since February 2024.
This puts food inflation comfortably above the current overall inflation level of 3.4 per cent, which is significantly higher than the Bank of England's target of 2 per cent.
Leading economists have warned that shoppers are now feeling the brunt of Rachel Reeves' hikes to National Insurance Contributions (NICs) and minimum wage on businesses which were introduced in April.
The Chancellor revealed during her October Budget that she would increase the National Living Wage by 6.7 per cent and increase NICs from 13.8 per cent to 15 per cent.
