The managing director of Iceland, Richard Walker has warned the UK is “not out of the woods” with the recent inflation figures.

This comes as UK inflation levels dipped to 10.7% in November as the ongoing cost of living crisis and soaring energy bills continue to skyrocket.

Speaking to BBC Newscast, the CEO of Iceland said: “Although the figures show a dip, it’s still 10% on the existing figures, therefore prices are increasing.”

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According to the Iceland MD, those who are strictly budgeting and struggling will feel the rise in food inflation the most.

“If you look at the price of milk or eggs or bread, you’re seeing increases of 40%-50% and that’s why it’s so hard especially for the poor.”

“We’re not out of the woods and I think we’ve got to be realistic about that. The crisis is far from over.”