The stark wake-up call from Miguel Patricio, the chief of Kraft Heinz, came as stores moved to hike the price of essentials like baked beans, bread and coffee by five percent. In a worst-case scenario, a further rise in January could tip inflation above 10 percent.
Mr Patricio said yesterday: “We are raising prices, where necessary, around the world.”
He said flashpoints contributing to the rising cost of food were “specifically in the UK, the lack of truck drivers”.
He added: “In [the] US logistic costs also increased substantially, and there’s a shortage of labour in certain areas of the economy”.
Experts say people will have to find an extra £500 to limp through winter, following a perfect storm of supply issues and rising energy costs.
By the end of the year, a typical family of four could be £1,800 worse