Households are set to suffer further economic pain after inflation sky-rocketed to a 40-year high of 10.1%, ONS figures have revealed, as families struggle to make ends meet amid soaring food, energy and fuel prices.
Many prices at the supermarket have risen much more rapidly than the average inflation rate, highlighting the disproportionate toll the cost of living is taking on those with smaller disposable incomes.
Dairy products saw among the biggest prices rises in recent months. The price of low fat milk has soared 34% over the past year, according to data from the ONS, while whole milk price growth was close behind on 28.1%.
Butter prices are up 27.1%, while cheese is up 17.9% and eggs are up 14.6%. Price rises in butter have prompted supermarkets to put security tags on the products, while some Brits have taken to TikTok to show how they can make their own butter for less.
Other kitchen staples like jam and crisps were also big risers, with prices increasing 21.2% and 13.4% respectively.
Poultry prices grew the most of any meat product, up 16.1% over the past 12 months.
Susannah Streeter, analyst at Hargreaves Lansdown, said: “The relentless rise upwards in prices continues, with little sign of a break for consumers who are desperately trying to make ends meet.
“With more painful hikes in energy bills to come, and prices rising rapidly in supermarkets, many consumers are already having to make some hard choices about how to spend their dwindling budgets. The path is set for a scorching summer of price rises to merge into a pretty awful Autumn and a winter of woe as households struggle against this tide of inflation.”
The price of some goods has risen significantly below the average rate of inflation. The average price of wine is up 2.5% over the past year, according to ONS data, while lager is up 2.6%. Chocolate prices have grown 4.2%.