FOOD prices have sky-rocketed by a shocking 19 per cent, official figures revealed today as warnings grew that more mortgage bill increases will further deepen the cost-of-living crisis.
Sugar was up 42 per cent, milk 38 per cent, olive oil 49 per cent, cheese 34 per cent and eggs 32 per cent in March, compared with a year earlier, fuelling the sharpest jump in food prices since August 1977.
Overall inflation stayed stuck in double figures, dashing hopes of an early end to the crisis.
The consumer prices index stood at 10.1 per cent last month — down from 10.4 per cent in February — the seventh month on the trot it has been in double digits, and defying City expectations that it would dip into single figures.
Economists swiftly warned that the Bank of England’s Monetary Policy Committee could be forced to hike interest rates from 4.25 percent to 4.5 per cent in May, and possibly even higher later this year, to ensure inflation is being brought properly under control.
These increases will feed through into higher mortgage bills for millions of homeowners, and also drive up rents.
Inflation is still expected to fall sharply in the summer after energy costs dropped compared with their stratospheric peaks.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Only £65k a month to live like Boy George
The Karma Chameleon singer listed his house for £17m in 2022, turning down offers. Now, he's looking for a tenant
Welcome to London, unicorn capital of Europe
We're flying far ahead of anywhere outside US for tech investment
Arteta's Arsenal evolution The next phase
Malik Ouzia and Simon Collings assess how the Spaniard will try to bring down Man City after he signs up for another three years with the title in his sights
Title fight catches fire after Gunners embrace dark side
Arsenal-City clashes take on a welcome edge of animosity
Whack the hippy gong-boho's back
It happened in Paris one grey February day. Sienna Miller was in an oversized, black leather jacket, lace-trimmed silk slip and clumpy great wedges.
There's a Starlink waiting in the sky... 7,000 in fact.Can Elon Musk stop them crashing to Earth?
As he was preparing his fields for seeding this year, Barry Sawchuk came across a giant slab of space debris. It had come from a spacecraft belonging to Elon Musk’s company, SpaceX.
'Politicians are only into power-mongering, corruption and cronyism'
We speak to alt revolutionary DEEPAK CHOPRA about biomarkers, his digital twin and his work to save humanity from disease
I've been waiting for a production of Godotthis brilliant all my life
Ben Whishaw and Lucian Msamati bring a potent, tragicomic chemistry to James Macdonald’s rich revival of Samuel Beckett’s challenging play.
Trust me, the Ritz is London's bestrestaurant
To whom we turn in moments of gloom and glory can be instructive, a filter of our truest friends. I've fallen out with the Ritz a couple of times, including once after a visit to the bar which didn’t warrant a review (“But you said it was lovely!” they said.
'Healing is a dirty word'
After four traumatic years, FKA twigs is back with a new album -and a thrilling metamorphosis