Thursday 22 December 2016 7:02 pm

These are the four commodities that will go up in price in 2017

Since the pound plummeted after the Brexit vote, consumers have been faced with warnings of coming food price hikes – most notably Unilever's Marmite, Birds Eye and PepsiCo.

“There’s absolutely no chance prices will stay the same. They’ll go up for sure, it’s just a question of how much," a food supplier told research firm Nielsen.

New data by Nielsen has revealed four products that are expected to experience price increases in 2017.

Olive oil

Currency fluctuations and poor harvests in southern Europe and have led to potential rises in supermarket olive oil after Christmas.

Spanish extra virgin olive oil prices have jumped from €3,200/tonne (£2,751/tonne) to €3,600/tonne (£3,095/tonne), and suppliers fear Italian extra virgin olive oil prices, which currently trade at €6,000/tonne (£5,158/tonne), could return to the peak prices they reached in 2015.

Tea

The nation's favourite drink is predicted to get pricier next year.

Peter Dries, director of customer and shopper marketing for Tetley, told Nielsen it's impossible to predict how the tea market will change after Article 50 is invoked.

"What we do know is that commodity prices are being affected by exchange rate movements," he said.

Tea, which is traded in dollars, and herbal infusions, which are traded in euros, have both been impacted by the weakening pound, Typhoo marketing controller Adil Hamid said.

Bread

The UK's wheat prices have risen in line with the pound's fall since June, meaning exports surged as British wheat became more competitive, the study said.

However, global prices are expected to remain low due to high stocks, meaning Warburtons, sourcing from Canada, and Kingsmill, mostly from Europe, may not be so disadvantaged after all.

Prosecco

“We believe prosecco pricing will increase over the next 12 months at entry level,” said Ian Thomson, creative director at Thomson & Scott.

The UK's "race to the bottom" on the quality and price of prosecco isn't sustainable with currency fluctuations, he said, prompting consumers to trade up and spend more for better quality prosecco.