The price of Jaffa Cakes and Hobnobs are set to rise in shops across the UK

The price of the nation's favourite snack is likely to soon increase amid price hikes for sugar and other key ingredients.

Pladis, the company behind McVite's, said costs have gone up so much that it might have to pass them on to shoppers.

Global prices for sugar and other key ingredients that go into making biscuits are set to rise by as high as five per cent.

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It could result in some of the country's most favourite biscuits such as hobnobs and Jaffa Cakes significantly increasing in price at stores.

Despite this, the chocolate-covered digestive is safer than other biscuits from changes in price.

“We’ve dealt with substantial challenges in the past in the food industry but it’s the combination of these issues, as well as the scale of some of them that is unprecedented,” said Pladis UK managing director David Murray.

“Like many other categories faced with this scale of inflation, we can’t ignore that costs have gone up and this may flow through to higher prices.”

Jaffa Cakes are among the many products that will be affected by the increased price of commodities (Clive Gee/PA Wire)

Higher commodity costs is the main reason behind the potential price hike - things like palm oil, wheat and sugar have increased in price by around 15 per cent.

The Office for National Statistics estimates that inflation hit 4.6 per cent in the 12 months to November.

Inflation measures the increases in the cost of living for many families all across the UK.

Among the increase in prices, energy bills are also set to rise by further hundreds of pounds from April next year, putting more pressure on struggling households all across the UK.