Record increases in the price of food have been blamed for inflation hitting a two-year high.

Food prices rose by a record 1.6% in the past two months, according to figures from the Office for National Statistics.

That helped push the Consumer Price Index, which measures annual inflation across a range of consumer staples, to 3.3% last month – well above the official target of 2%.

The Bank of England warned that prices would continue to rise well into the new year, further spurred by the imminent rise in VAT to 20%.

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