Britain is facing up to a bleak end to the year, with a fresh threat of food shortages coming amid an imminent hike in the cost of living.
A lack of lorry drivers in recent weeks, along with the effects of the 'pingdemic' in previous months, has seen many supermarket shelves left bare.
Now the food supply chain is up against a new challenge, after soaring gas prices forced much of the country's commercial production of carbon dioxide to shut down.
The industry describes the gas as being fundamental to producing and transporting supermarket staples like bread and meat, as well as beer and fizzy drinks.
Some fear businesses have less than two weeks before their stocks of CO2 begin to run out, with one boss describing the crisis as a 'black swan type of event', adding that ministers and supermarket giants were only now appreciating the knock-on effects on agriculture and production.
Crisis talks between Business Secretary Kwasi Kwarteng, gas producers, suppliers and regulator Ofgem are being held today to discuss the extent of the impact of the surging prices.
Meanwhile, the Government is being urged by meat producers to step in to protect the food supply chain, after the sharp rise in gas prices resulted in a cut in the supply of carbon dioxide (CO2) to the industry.
As well as essentials like food and drink, there have also been reports of shortages of toys ahead of Christmas, and ties as more workers return to the office, while the price of used cars has sky-rocketed to the extent they now cost more than some new models.
The lack of supply in many sectors comes against a backdrop of rising bills for millions of families, many of whom will still be feeling the brutal effects of the pandemic on the economy.
Experts warn today that household costs could soar by more than £1,500 a year, putting Britons on the cusp of the biggest spending squeeze in nearly a decade.
Money experts said a 'perfect storm' of price and tax hikes could push family finances to the limit across the country.
Britain is facing up to a bleak end to the year, with a fresh threat of food shortages coming amid an imminent hike in the cost of living
A lack of lorry drivers in recent weeks, along with the effects of the 'pingdemic' in previous months, has seen many supermarket shelves left bare
Now the food supply chain is up against a new challenge, after soaring gas prices forced much of the country's commercial production of carbon dioxide to shut down
How gas price hikes and carbon dioxide shortages could lead to more empty shelves
Two of England's biggest fertiliser plants in Teeside and Cheshire - which use the gas to produce ammonium nitrate, which is then used by farmers for their crops - have shut down, leaving bosses concerned over the potential consequences for family essentials.
Nick Allen, chief executive of the British Meat Processing Association, told the Times: 'This could be the straw that broke the camel's back.
'It is potentially a massive challenge for the food industry when we are already facing huge issues.'
Speaking to the BBC Radio 4 Today programme, he added: 'If we haven't got the CO2 supplies, on the packaging side that reduces the shelf-life of products going on the shelves at a time when we are really struggling because of all the transport problems.
'This has come as a huge shock, it has happened so quickly. I think everyone is outraged in the industry that these fertiliser plants can shut down without any warning whatsoever and suddenly take something which is so essential to the food supply chain off-stream just like that.
'We really need Government to step in now and actually do something.'
Meanwhile, Business Secretary Kwasi Kwarteng will talk with chief executives from gas producers, suppliers and regulator Ofgem today to discuss the extent of the impact of the surging prices.
He tweeted this morning: 'Today I'll be speaking to chief executives of the UK's largest energy suppliers + operators to discuss the global gas situation.
'Britain has a diverse range of gas supply sources, with sufficient capacity to more than meet demand. We do not expect supply emergencies this winter.
'Energy security is an absolute priority. We are working closely with @ofgem and gas operators to monitor supply and demand.'
It is understood Mr Kwarteng has meetings today with senior executives from Ofgem, Centrica, National Grid, Energy UK, Octopus, Ovo, SSE, EDF, ScottishPower, Shell Energy, E.ON, Bulb and SGN.
Two of England's biggest fertiliser plants - which use carbon dioxide to produce ammonium nitrate, which is then used by farmers for their crops - have shut down, leaving bosses concerned over the potential consequences for family essentials
Russia's state-owned energy firm, Gazprom, is now facing an investigation into the rise in price. Lawmakers said they were suspicious of the company's 'effort to pressure' Europe to agree a fast launch to its Nord Stream 2 gas pipeline (pictured)
Government sources have reportedly told the BBC there is no threat to the UK's gas supplies, but potential impacts on small energy companies most at risk of exposure are being monitored.
A Government spokesperson told the broadcaster: 'The UK benefits from having access to highly diverse sources of gas supply to ensure households, businesses and heavy industry get the energy they need at a fair price.
'We are monitoring this situation closely and are in regular contact with the food and farming organisations and industry, to help them manage the current situation.'
It comes after Russia was last night accused of rigging the prices of gas to damage Britain's economic recovery from Covid.
The country's state-owned energy firm, Gazprom, is now facing an investigation into the rise in price.
And more than 40 MEPs last night signed a letter to the company in which they accused it of 'deliberate market manipulation'.
A group of European Parliament lawmakers has asked the European Commission to investigate Gazprom's role in soaring European gas prices, saying the company's behaviour had made them suspect market manipulation.
Gas prices in Europe have surged in recent months, helping to drive European electricity costs to multi-year highs.
Electricity prices in the UK skyrocketed to 11 times above normal levels on Monday.
In a letter to the EU's executive Commission around 40 of the Parliament's 700 lawmakers said they suspected Russia's Gazprom had acted to push up gas prices.
'We call on the European Commission to urgently open an investigation into possible deliberate market manipulation by Gazprom and potential violation of EU competition rules,' said the letter.
In response to the accusations, Gazprom said it supplied its customers with gas in full compliance with existing contracts.
Families are now on the cusp of the biggest spending squeeze in nearly a decade as bills and prices rise relentlessly
Rising household bills could leave millions of families out of pocket
Energy prices have rocketed this week, leading to suppliers pulling deals and predictions that average households could soon face paying over £400 extra a year on power bills.
A year ago, the best one-year fixed deal on comparison website Energy Helpline was £855 – but last night the cheapest available was more than double that at £1,895.
Analysts Baringa project that some 39 suppliers could collapse in the next 12 months, leaving just 10 firms dominating the market.
To help those companies deal with surging costs, regulator Ofgem will raise its price cap again, according to the Times, meaning 15 million customers on variable tariffs face paying hundreds of pounds more.
Dermot Nolan, a former Ofgem chief executive, said the increases were the result of depleted stocks following a cold winter last winter, reduced supply from Russia, and increased demand for liquefied natural gas from the Far East.
He told the BBC Radio 4 Today programme: 'It is not obvious to me what can be done in the very short run. Britain does have secure relatively diverse sources of gas, so I think the lights will stay on.
'But I am afraid it is likely in my view that high gas and high electricity prices will be sustained for the next three to four months.
'It is very difficult to see what the Government can do directly in this regard.'
Elsewhere, petrol prices have also blown up, with the cost of filling a 50-litre tank rising from £56.55 to £67.30 since August last year.
The price of food and drink in shops and supermarkets rose by 1.1 per cent in August – the highest rate since 2008 – as retailers battled supply shortages and higher costs.
Train fares, telephone and internet bills, and other day-to-day expenses are also increasing, while Boris Johnson's health and
