Prices are going to rise in Britain. The only question now is by how much.
The prospect that much-loved brands like Marmite spread and PG Tips tea might vanish from Tesco supermarkets is the first taste of what economists say will be rising inflation. Next up, the cost of fuel is likely to rise later this month.
The resilience of consumers since June’s shock vote to leave the European Union will be tested in the coming months by the Brexit-induced fall in the value of the pound which hit an all-time low against a range of currencies on Wednesday.