A MAJOR supermarket chain has said food prices will have to rise over the next six months following the Government's Autumn Budget. In recently published accounts, Iceland blamed Rachel Reeves' tax raid for hiking its suppliers' costs. It added: "In consequence, we expect UK food price inflation to peak at some 4-5% in the next six months." The warning comes after the Bank of England (BoE) estimated food prices will rise to around 5.5% by the end of the year. Next also warned its costs would increase by £67million, some of which would need to be passed on to shoppers.
