As UK food prices soar, the CPI rose to 4.4% in the largest single jump with the highest rate since this data has been recorded in 1997. This is over twice the inflation target for the UK at 2%. With such high inflation data, the chances of a UK rate cut have become very slim.

According to Philip Shaw, an economist from Investec: "It is very disappointing data with widespread signs of higher price pressure...It will undoubtedly convince some members of the Monetary Policy Committee (of the BOE) to vote for higher rates but we doubt they will reach a majority."