Fixed prices for consumer goods and services will be virtually non-existent within five years, experts predict, as an Uber-style pricing revolution is sweeping the UK.

"Peak time" pricing where the cost of items rises and falls according to demand is set to become commonplace in supermarkets, at petrol stations and on energy bills.

Unlike paper price tags, so called "e-prices" are linked to shops' computer systems which can move them up or down by up to 90pc in a day.

The technology lets shops react to events during which they can remove offers on sought-after items, for example ice creams and chilled drinks during heatwaves and sandwiches at lunchtime.

It is already commonplace in Europe and the US but is likely to cause a stir if introduced in the UK, where shoppers are increasingly cost-conscious.