As food and fuel costs rise, there is no doubt the poorest are hardest hit

Food prices have climbed by about 20% so far this year, according to a UN index. Photograph: Daniel Harvey Gonzalez/In Pictures/Getty Images

Inflation is going to be with us for a few years yet. That’s the growing consensus in the City and among economists who believe the impact of rising fuel prices, the crippling cost of imported goods, and labour shortages in many industries will have a longer legacy than first thought.

Last week all eyes were on rising gas prices and Ofgem’s estimate that the energy price cap will rise by about £800 in October to an average £2,800 per household.