Cost of a loaf of bread to soar 20% within weeks as wheat price rises, experts warn
THE cost of a loaf of bread is set to soar 20 per cent within weeks due to gas shortages and transport costs.
Experts have warned the price of bread could reach a nine-year high in the next few weeks, just as Brits prepare for an already costly Christmas.
Rising demand has seen the cost of bread wheat 26.7 per cent rocket this year, with consumers set to feel the bite, reports MailOnline.
The rise is being driven by a number of factors, including record high petrol prices driving up the cost of transporting goods.
There’s also a shortage of gas for the baking ovens used to cook the bread, according to experts.
Rising gas prices have hit the energy sector particularly hard in recent weeks, with a string of providers going bust.
But it’s also having a knock-on effect on other industries.
AHDB analyst Alice Jones said: “UK prices are following global trends.
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“Global wheat prices keep climbing each week on the back of supply concerns.
“As long as global prices keep rising there is scope for domestic prices to keep rising.”
Kingsmill owner Allied Bakeries said the industry has been “exposed to inflationary pressure” in the prices of flour, oven gas and delivery fuel.
This Christmas is already set to be one of the most expensive in living memory.
A cost of living squeeze has seen the price of everything from energy bills to toys climb in recent months, hitting households in the pocket.
That misery is set to continue as inflation is forecast to hit 5 per cent by April.
Inflation is now at its highest rate in a decade at 4.2 per cent – that’s more than double the Bank of England’s target rate of 2 per cent.
Petrol and diesel have seen some of the worst price shocks, with both fuels reaching record price highs in the past few weeks.
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