Home cooks are paying higher prices for their foods than many other major economies in Europe, the latest figures show.

Compiled by UBS, the data reveals that costs are now greater than the inflation experienced by food retailers, therefore putting pressure on already struggling families.

The report by the Swiss bank suggested that politicians would have adequate grounds to deem the prices paid by UK consumers as "unfair or excessive".

"At a time when food prices have heightened political importance, it seems unlikely that this position will continue to be ignored," it stated.

In recent weeks, research from IGD Retail found that home cooks are now in search of food that they believe offers value for money, as 33 per cent believe produce will be much more expensive in 12 months' time.

The survey also found that people will be more inclined to purchase own-brand products in the coming year.