BRITS are facing an increase of £500 on food bills this year with the cost of putting meals on the table rocketing.
With soaring inflation, rising interest rates and a looming recession households are facing “tough times”, according to Michael Gove.
Household bills have skyrocketed since a cost of living crisis took hold of the nation and there are fears we are heading towards a debt crisis.
And now experts are warning of a huge hike in the price of food, meaning many households could be going hungry.
Because of this, it’s now thought that Brit’s food bills could rocket by around £500 a year.
And it’s thought interest rates could hit 3.5 per cent by the end of next year.
It comes as mortgage bills are set to rise by hundreds of pounds for millions of homeowners after another interest rate hike.
The Bank of England (BoE) increased the base rate by 0.25 percentage points yesterday taking it to 1.25% – its fifth consecutive increase.
And it warns that inflation could soar to 11% in October – higher than previously forecast.
Inflation is currently 9% and last month the BoE said it expected that to hit 10% this year.
It now expects that to be higher due to the next increase in energy prices this winter, piling more pressure on hard up households.
The BoE said: “The increase in October reflects higher projected household energy prices following a prospective additional large increase in the Ofgem price cap”.
And Susannah Streeter, of investment platform Hargreaves Lansdown, told The Daily Mail: “Worries will ratchet up that, given inflation is set to soar to the eye-watering levels of 11 per cent, the Bank of England is going to be seriously behind the curve in attempts to bring it down.”
Meanwhile the boss of the energy regulator has said that bills could hit £2,800 in October.
It’s a blow to already struggling households who are unlikely to see the pressure on finances ease any time soon.