Food prices are reportedly set to rise in the next six months, experts predict, on the back of soaring wheat prices and animal feed costs. Wheat prices have seen the biggest one-month jump in more than three decades after a severe drought in Russia, which is expected to result in the higher cost of production for items such as bread, biscuit and beer. The Financial Times this morning reports that European wheat prices rose 8% yesterday and have risen nearly 50% since June, with crop failures reviving memories of similar events in 2006 and 2007, which saw the cost of agricultural commodities from corn to rise surge to record highs. Tom Vosa, chief economist for the Clydesdale and Yorkshire Banks, said: “We expect to see an acceleration of food prices and a return to double-digit increases by early next year if the situation doesn’t change.” The high cost of wheat has already hit the food chain in the form of animal feed, with raw material feed costs up 20%. Food producers have also been hit by the soaring cost of commodities such as palm oil, cocoa and soya, which have leapt 39%, 23% and 14% respectively.