A supermarket managing director has warned that rising food prices will “get worse” as inflation continues to soar. The Bank of England is set to raise interest rates in a bid to tackle inflation when its Monetary Policy Committee meets on Thursday.
Iceland boss Richard Walker warned that food inflation – which rose from 10.6% to 11.6% last month – is going to continue increasing for the foreseeable future. The news will come as a blow to households currently battling with spiralling energy costs and higher mortgage payments.
Walker told BBC Radio 4’s Today programme: “We are all seeing it aren’t we? That’s why the price of milk has gone up 50 per cent, not just in our shops, but all our competitors - bread, eggs, all staple items.
