The official rate of inflation in August rose to 4.7%, the Office for National Statistics has said.
According to the government, the Consumer Price Index was sent higher because of a number of factors such as growing food bills (from items such as fruit, cereal and pizzas).
Yet inflation may be nearing its peak in the coming months, suggested analyst at Hargreaves Landsdown Richard Hunter.
“This latest inflation figure, coupled with the recent moves in energy prices, could be an indication of inflation nearing its peak,” he told the BBC.
Additionally, the Retail Prices Index inflation dropped in August, after it stood at 4.8% in July.
This week, Reuters reported that analysts believe supermarkets will be in for a tough time if inflation slows down towards the end of the year.
And Sainsbury’s boss Justin King said in a Financial Times interview that his outfit is well placed to deal with any increased competition that could stem from a reduction in food prices.
