Beer, chocolate, bread, butter, cheese and a host of other food and drink staples could rise in price by at least 10% by the end of the year because of volatile commodity markets, the Sunday Independent reports.

So-called ‘agflation’ has driven double-digit food inflation in the US and this will likely flow to Ireland, according to Trinity economist Constantin Gurdgiev, who also point out the likely detrimental impact of Russia’s grain export ban.

“We have seen the largest monthly increase in wheat prices since 1969, with an increase of over 42% in July alone. There have been increases of six to eight per cent each day since,” he said.

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