Economics viewpoint Budget must address pain of high inflation

These prices are "disgusting" is a common reaction as shoppers browse the supermarket. To say the cost of everything from milk to bread has changed beyond recognition in just a few years is an understatement. But it could get worse.

- Richard Partington

The warning from the Bank of England last week that food prices are driving inflation shows that the cost of living crisis is far from over. The headline rate of inflation is expected to hit 4% by September, in a reawakening fed by the soaring cost of groceries. Keeping inflation in check is a high-stakes job. Successive governments have foundered on the promise of putting more money in people's pockets, only for voters to find that their hard-earned cash barely covers rising prices.

For Rishi Sunak, it was clearly a mistake to gamble the last election on a bet that a halving in the rate of inflation would help households forget the previous 14 years of pain. Real living standards went backwards in the Tory years. The same could be true for Keir Starmer if the change Labour promised does not begin to materialise soon.