Consumers warned cost of food, mortgages and insurance all to rise

PETROL and food prices increased last month with consumers warned to be prepared for a raft of hikes this year.

The cost of living jumped by 1.3% last year — with experts predicting prices could edge up by as much as 2% this year — with transport, mortgages, food and insurance costs all set to rise.

Petrol prices rose by more than 7% last month alone, while diesel prices were up 6.3%, mainly due to the excise duty increases in the budget and a rise in the cost of oil.