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The fully capital-protected plan is open for investment until 20 August.

Investors receive 115 per cent of the performance of the basket, which provides direct exposure to commodities such as corn, wheat and soybean.

The plan also accesses gold, silver, platinum, coal, gas and oil.

Returns are subject to capital gains tax unless held within an Isa.

Colin Dickie, director of Barclays Wealth, said: “High oil and energy prices are driving inflation ever higher and this trend is widely expected to be with us well into 2009. The corrosive effect this is having on disposable incomes is plain to see, but it is hard to protect against it due to the complexities involved in accessing the various commodities markets."

He added: "At base level, Commodity Select could be seen as offering a proxy against rising household bills through a basket of carefully selected commodities."