𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

Christmas is likely to cost more for millions of families, with food prices on the rise again. Chocolate, cheese, meat and vegetables are among items to have seen sharp rises last month, driving food price inflation to 4.9%

Experts predict the rate could soar to almost 6% by the end of the year, heaping more pain on struggling households. The latest figures underline the grim Budget backdrop just days before Chancellor Rachel Reeves is expected to clobber taxpayers with punishing “stealth taxes”. Staple goods like coffee, eggs, bread and cereals, sugar and fish have also increased in cost this autumn.

The overall inflation rate eased to 3.6% last month, slightly down from a 20-month high of 3.8% in September.

It was largely down to a massive energy costs hike last year falling out of the numbers.

But inflation remains far above the Bank of England’s 2%, with the spectre of “Stagflation” lurking amid fears Ms Reeves will impose further eye-watering tax rises next Wednesday.

The economy has already effectively ground to a halt, with GDP expanding just 0.1% in the third quarter and going into reverse in September.

Responding to the data, Ms Reeves said she would be taking “targeted” action to bring inflation down at the Budget.

But she dodged questions on whether Labour pushing up employer National Insurance contributions had lifted food prices.

“Food prices fell last month and they have risen this month. But I do recognise that there’s more that we need to do to tackle the cost-of-living challenges,” the Chancellor said.

“And that’s why one of the three priorities in my Budget next week is to tackle the cost of living, as well as to cut NHS waiting lists and cut Government debt.”

The Food and Drink Federation (FDF) has previously warned that the rises in food prices are “steeper than anything in recent decades”.

Sir Mel Stride, Shadow Chancellor, said: “Inflation has been above target every single month since Labour’s last Budget, leaving working people worse off.

“Labour’s last Budget hiked borrowing and taxes, stoking the inflation now hitting families. If Labour had any backbone, they would adopt our £47billion savings plan and our Golden Economic Rule next week to ease inflationary pressures.”