The UK will see the biggest rise in prices for most of the items in a wide range of products, from clothes to jewellery.
The country’s supermarkets and other retailers are already facing the sharpest drop in sales in years, with the cost of goods going up in the past year, according to the latest figures from the Office for National Statistics.
There are expected to be a huge spike in food prices in the next year, as farmers struggle to cope with the rise in global demand.
Prices for food and other goods will increase by 1.2 per cent this year, rising to 2.2% in 2020.
The rise is driven by inflation.
The latest ONS figures also show that the UK will be among the countries hardest hit by a drop in the price of food.
The consumer price index (CPI) fell by 0.2 points in April, the weakest quarterly performance since December.
Inflation rose to 0.5 per cent in April.
The Bank of England has said it is concerned about inflation in the UK, and is likely to start raising interest rates.
In April, it raised its target rate from 0.25 per cent to 0,5 per and cut its forecast for inflation to 1 per cent.
“The economy has been contracting and there are still significant uncertainties about inflation, so we need to keep an eye on the situation,” said Mark Carney, the Bank of Britain’s governor.
“Our inflation outlook is very low, so there’s still some scope for the economy to contract in the future.”
The UK’s inflation has risen by 0,1 per cent since the start of the year.
The average annual rise in inflation since the end of the first quarter of 2016 was 0.3 per cent, according the Office of National Statistics (ONS).
The ONS said it expects inflation to fall to 1.5 to 1,5 percentage points in the current quarter.
There is also a prospect that prices could rise again this year as farmers start to struggle to get enough food to feed their animals.
The UK is one of the fastest growing economies in Europe and the world.
It has the world’s highest GDP per capita at £34,534 and is a global financial centre.
But it has been hit hard by the global financial crisis, which has seen many companies liquidate.
The ONSS expects inflation in April to be just 1.4 per cent – the lowest since April 2015, when it was at 0.6 per cent but the highest since January 2008.
That was followed by April 2009 when inflation rose to 1-2 per year.
In September 2011, it was just 0.7 per cent and then fell to 0-1.4 percentage points by the end, the lowest annual inflation in seven years.
The price of bread is already the highest in the world, the ONS says.
Bread prices in Britain are set to rise by almost 40 per cent by 2020, with a rise of around £1.70 per loaf, according a survey of food retailers.
Prices at supermarkets are set by the country’s big supermarkets.
The National Farmers’ Federation, which represents the UK’s major supermarket chains, said: “These increases are going to hit the poorest and most vulnerable members of society the hardest.”
It said there would be more cuts to the National Living Wage, a benefit for working people, to support families and reduce poverty.
The minimum wage will not be raised. “
This Government has shown a total disregard for people who work hard to make ends meet.
“Income tax will remain at the current level. “
The rate of inflation will remain high, as it has for decades.” “
Income tax will remain at the current level.
The rate of inflation will remain high, as it has for decades.”
The ONSA said the latest increases in inflation were the first in more than a decade and would “contribute to growing insecurity and increased anxiety”.
The ONSP said the government had made a number of policy changes in its last budget to try to help consumers, including the introduction of a new national minimum wage, the introduction and extension of child tax credits, the extension of the Universal Credit benefit and the introduction the Personal Independence Payment. “
It’s also clear that the price rise will be a shock to many, including consumers.”
The ONSP said the government had made a number of policy changes in its last budget to try to help consumers, including the introduction of a new national minimum wage, the introduction and extension of child tax credits, the extension of the Universal Credit benefit and the introduction the Personal Independence Payment.
“While the impact of these measures may not be felt immediately, they have had a significant impact on the economy and on the cost and value of many consumer goods and services,” the ONSP’s chief economist, Ian Cole, said.
“Given that consumers are already struggling to afford food, we are concerned that the government will take further steps in its next budget to help them cope.”