Price rises caused by 'major shocks' - such as the crisis in the Middle East and the El Nino weather pattern - tend to fall back down slowly and not always entirely, the analysis claims.

Households have already seen food prices rise more than 40 per cent since mid-2021

Price rises caused by 'major shocks' - such as the crisis in the Middle East and the El Nino weather pattern - tend to fall back down slowly and not always entirely, the analysis…