The United Kingdom is steeling itself for a rise in the price of some of its favorite treats as its currency continues to fall, driving up the cost of imports.

Former deputy prime minister Nick Clegg warned that recent price hikes for wine and grocery items, sparked by sterling's steep falls against the dollar and the euro, were just the "tip of the iceberg" when it came to the UK's future outside of the European single market.

The so-called Brexit vote in June saw the UK – which has been increasingly skeptical about the benefits of the EU – decide to cut ties with the rest of its European neighbors.

"A hard Brexit will lead us off a cliff edge towards higher food prices with a triple whammy of punishing tariffs, customs checks and workforce shortages," Clegg said.