Brits issued fish and chips warning due to the Iran war

Whilst there will be ramifications across the board, inflation will be “likely to be largest for food prices”.

They were the words of the Bank of England’s governor on Thursday while warning over the risks posed to the UK economy by the surge in global energy costs.

When will we see the rise in cost?

A leading figure in the potato industry told Sky News we won’t see the worst until next year.

Scott Walker, the chief executive of GB Potatoes, said the way the industry works means the impact of war-linked costs will be delayed, with “inevitable” increases in 2027.

Walker explained that the vast majority of UK potato producers work to annual growing contracts with their customers.

This gives both growers and the likes of wholesalers and supermarkets “insurance” – a certainty over incomes and prices ahead.

“At this moment in time, people shouldn’t be paying any more,” he said.

Fertiliser, for example, was already bought for the current growing year ahead of the outbreak of the war, but Mr Walker said the outlook was bleaker.

For fish, the situation was similar.

Andrew Crook, president of the National Federation of Fish Fryers, told the BBC that part of the reason the price of cod had gone up by so much was the “significant reduction” in cod availability due to restrictions on fishing.

There is now “only a quarter of the cod available globally that there was six years ago [so] everybody’s fighting for the same fish,” he said.

“Down the line prices will have to rise because we have a lot of costs coming,” he warned.

While growers could attempt to claim “exceptional” costs from their customers in a bid to restore some health to margins this year, Mr Walker warned the 2027 contracts would have to reflect a doubling of red diesel and some fertiliser prices.

“Sadly, rising prices are inevitable… Everyone faces rising prices: the cost of collection, living wage, (the) price of electricity for wholesalers.

“There’s a lot of cost in the system.”

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