Food prices hit a 14-year high last month, according to the Office for National Statistics.

Soaring commodity costs meant food manufacturers paid 6.6% more for raw ingredients in November than a year ago - the highest increase since 1993.

“Consumers will feel pressure when they buy food,” Rusell Silberstone, head of interest rates at Investec Asset Management told the Independent. “For Christmas, although there are clear pressure on producers, customers are more wary of the high street. Retailers will probably have to absorb some discounts to make a sale.”