Food prices rise at fastest August rate in 27 years

FOOD prices soared at their fastest rate in 27 years in August, compared with July, official figures show.

But falling petrol prices meant the overall inflation rate slowed slightly in the year to August, the Office for National Statistics (ONS) said.

Prices are rising faster than wages, putting pressure on household budgets.

The Bank of England has said inflation could top 13% this year, and is expected to keep raising interest rates to try and control it.

In general, prices rose at nearly their fastest rate in 40 years in August, driven by the pace of food price rises.

In August food and soft drink, prices rose by 1.5% compared with July. This was the largest July to August rise since 1995.

Food prices have been going up around the world following Russia’s invasion of Ukraine, which has been one of the factors pushing up prices at supermarket tills.

The war has disrupted supplies from the two countries, which are major exporters of goods such as sunflower oil, wheat, and fertiliser.