Customers will soon be hit by “terrifying” price increases for food and drink, an expert has warned.
According to the BBC, Food and Drink Federation boss Ian Wright told MPs that inflation stands between 14 and 18 per cent for manufacturers.
Soaring ingredient prices will mean extra costs for consumers, he said.
The Bank of England recently suggested that interest rates could rise from their historic low of 0.1 per cent.
READ MORE: Food price rises ‘likely’ in coming months
“Inflation is a bigger scourge than anything else because it discriminates against the poor,” Wright told the business select committee.
Today’s Consumer Price Index figures showed inflation climbed again in September, though fell by 0.1 per cent compared to August.
Earlier data showed food prices in September rose for the first time in six months.
Experts believe that lorry driver shortages, plus the rising cost of energy, animal feed and packaging, have heaped inflationary pressure on firms.
The founder of supermarket supplier 2Sisters recently claimed that food inflation could reach double digits.
Ranjit Boparan predicted the company would face a 16 per cent year-on-year increase in running costs.
“You’re looking at a different world from now on where the shopper pays more,” he said.