The cost of a loaf of bread is set to soar even further following another dramatic rise in wheat prices. The average price of a loaf of bread has already gone up 10% this year to about £1. Experts warned that prices could rise a further 10 to 20p this autumn as wheat costs continued to rocket. Five weeks ago, wheat was selling for £155 a tonne and experts were forecasting prices of £160 a tonne by November. However, on Thursday, traders could not buy wheat at Liverpool market - where the UK's benchmark price is set - for less than £200 a tonne. "The cost of wheat is at an unprecedented level," said Alex Waugh, DG of the National Association of British and Irish Millers. "Wheat costs for flour millers now stand some £500m higher than last year. This has yet to come through in wholesale or consumer prices, which is creating huge financial pressure in the grain processing chain." Soaring global demand, a burgeoning biofuel industry and bad weather have been driving prices up since last summer. This year's UK wheat harvest was of a variable quality and the yield was at least 10% smaller than predicted, said Waugh. France and Germany were experiencing similar problems. Rising costs would have a knock-on effect across the entire food manufacturing industry, warned Gary Sharkey, head of wheat procurement at Premier Foods, supplier of Hovis, Mothers Pride and Mr Kipling. "After years of lower prices the entire cereal chain - bakers, food manufacturers, retailers and consumers - will have to adjust," he said. There would also be pressure on the price of meat and dairy products because grain was also a key ingredient in animal feed, according to farmers. "Feed prices are the main preoccupation of everyone in the agricultural industry at the moment," said Charles Bourns, NFU chief poultry adviser. The impact of higher wheat prices would have repercussions until the end of the year at least, said the Biscuit, Cake, Chocolate and Confectionery Association.