Food prices hit a 16-year high last month, according to the Office for National Statistics.
Soaring commodity costs meant food manufacturers paid 7.4% more for raw ingredients in December than a year ago - the highest increase since 1992.
Analysts said the figures were worse than expected but still thought the Bank of England would cut interest rates next month.
Soaring commodity costs meant food manufacturers paid 7.4% more for raw ingredients in December than a year ago - the highest increase since 1992.
Analysts said the figures were worse than expected but still thought the Bank of England would cut interest rates next month.
No comments yet