wallet and cashAccording to Prestige Purchasing’s annual Food and Drink Inflation report, Food and Drink inflation could reach up to 6% in 2014. Having already been subject to a 30% rise in the cost of food since 2007, it is claimed that inflation levels will exceed those of 2013 which peaked at 4.7% in October 2013.

The extra cost of groceries to each household by 2018 is estimated by Food manufacture.co.uk to be in the region of £850 annually, a huge £19.6 bn to the UK as a whole.

Climate change, growing global population, water supply and commodity markets are claimed to be responsible for influencing the inflation rate in the coming year.