FOOD prices will jump by eight per cent in months if the Middle East conflict persists, adding £150 to the average household’s annual bill, say industry experts.
Food inflation — now 3.6 per cent — could more than double by the summer, claims the Institute of Grocery Distribution.
It said the conflict was likely, even in the “best case scenario”, to prolong the cost-of-living crisis.
The war is estimated to have already cost drivers £300million in more expensive fuel.
Chancellor Rachel Reeves has made living costs her priority while ruling out universal support for energy bills.
She has been blasted for not blocking Energy Secretary Ed Miliband’s Net Zero obsessions.
Shadow Chancellor Sir Mel Stride said: “Nothing exemplifies this government’s economic folly more than its approach to oil and gas.”
“The utterly misguided net zero obsessions of the Energy Secretary have led to the absurdity of reduced extraction.
“We’re seeing jobs destroyed, tax revenues foregone, and energy security smashed.”
He said the North Sea has “fields ready to go” that could supply energy to millions.
He added: “Less oil and gas extraction means greater dependency and less security.
“This road leads to ruin.”
