Market prices for core goods such as oil, corn and wheat have now fallen since their peak earlier this year, but these prices have not yet been reflected in consumer costs.
Officials on the monetary policy committee raised the base rate from 1.25 per cent to 1.75 per cent as experts warned inflation could be heading for 15 per cent.
Britons were today already suffering financial pain after the interest rates announcement - with Santander saying almost immediately that mortgage repayment rates will go up.