Rocketing wheat prices have filtered further down the supply chain as the maker of Hovis this week announced double digit hikes in the cost price of bread.

From September, British Bakeries’ wholesale prices for all bread and bakery snack products will go up by an average of 15%.

This could equate to a 6p-7p rise on the retail price of a loaf, said analysts.

The move follows a £35 per tonne increase in the price of flour, driven by poor harvests against a backdrop of abnormally low world grain stocks, said British Bakeries sales director Steven Field. “This is a very sharp increase, and it is going to be very difficult to avoid passing on the increase almost immediately.”.