UK inflation rises to highest rate in 40 years as cost of living crisis deepens

Butter, milk, ready meals and bread. They’re all soaring in price, and the rising cost of food has helped to push inflation into double digits – its highest level for more than 40 years.

Labour said families were now “worried sick” about how to manage and accused the government of failing to deal with the scale of the crisis, although the chancellor insisted people would be getting extra help with fuel bills.

But the Bank of England has warned that the cost of living is set to rise even higher.