Price rises in the UK slowed for a second month in a row but the cost of food kept inflation at a near 40-year high.

Inflation, which measures the rate of price rises, fell to 10.5% in the year to December from 10.7% in November.

The managing director of one Gloucestershire food wholesaler said the last year had seen a "tsunami" of food price rises.

Philip de Ternant, MD of Creed Foodservice in Cheltenham, told the BBC: "Baked beans are up over 50% in a year. Tinned tomatoes from Spain, also up 50%. Pasta, a basic staple for so many chefs, has risen 24%."

Chris Creed, CEO of Creed Foodservice, told Punchline earlier this month: "We saw food inflation last year of around 20% and we are still seeing price increases coming through. It's a real issue in a market where not just food but energy prices are high as well. I think it's a really difficult time."

Overall, food prices have continued to soar, rising 16.8% in the year to December, but many households splashed out for Christmas, according to the Office for National Statistics (ONS).

Basics such as milk, cheese and egg saw the largest increases. Prices for sugar, jam, honey and chocolate as well as soft drinks and juices also jumped. However, price growth slowed for bread and cereals.

Restaurants and hotel prices also jumped in December along with a record rise in air fares. However, petrol and diesel costs eased last month

Some analysts believe that the cost of living may be slowly beginning to ease after hitting what is believed to be the peak of 11.1% in October.

But at 10.5%, UK inflation is still way above the 2% target the Bank of England is charged with meeting.

Commenting on the latest inflation statistics, Alpesh Paleja, the CBI's lead economist, said: "These figures add to a growing body of evidence that the UK has passed peak inflation. Over the coming year, inflation should fall further towards single digits, as global price pressures ease and an economic downturn takes some of the heat out of price setting.

"Despite this, the cost-of-living crisis will continue to be a very real problem for both households and businesses, as price pressures remain high in the short-term.

"Against the backdrop of a recession, firms will continue to face higher costs and weak demand conditions. If the government is going to solve these twin problems, then it needs to continue supporting measures like the Energy Bills Discount Scheme, while enacting a series of pro-growth measures to spur the economy."