The Office for National Statistics (ONS) has found that the UK economy contracted by 0.1% in March after no growth in February and rising grocery prices.

ONS said that the fall in growth was due, in part, to people spending less in shops and reducing the number of car journeys they are making due to rising fuel prices.

This news follows a warning from the Bank of England that the UK economy will shrink this year as it raises interest rates in a bid to tackle rising prices, including record grocery inflation.

The Bank has also forecast that inflation could reach more than 10% by the end of the year.

According to Kantar, grocery prices were 5.9% higher in April 2022 compared to a year ago, the biggest increase since December 2021. Food prices were rising fastest in markets such as fresh lamb and savoury snacks.