Shoppers are hit by price hikes as costs rise over the past five years

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The cost of olive oil rose by 113.8% from March 2019 to March 2024, with rises also for baked beans and sugar, according to research by BravoVoucher.co.uk, using data from the Office for National Statistics.

The UK and other parts of Europe have been hit hard by the rising cost of living, but countries such as Zimbabwe, Argentina, Venezuela, Haiti and Lebanon have also seen their costs rise significantly.

Which food products have grown the most in the last five years?

According to the study, a 500ml to 1 liter bottle has risen from around £3.76 (€4.41) on average in March 2019 to around £8.04 in March 2024.

This was mainly due to supply chain issues around the world, especially after the Israel-Hamas conflict, which began in October 2023. Events such as the Israel-Hamas conflict and the Houthi attacks in the Red Sea that attacked cargo ships and merchantmen passing through the Red Sea and the Suez Canal have added travel time to merchant ship voyages, which has led to higher prices for delivery.

Olive oil production in key countries such as Spain, Italy and Greece has been problematic due to severe droughts and floods.

A once cheap and nutritious food option, baked beans, is 70.5% higher in 2019, rising from 61p to £1.04 a tin.

Mineral water prices are still up 67.7%, with 1.5-2 liter bottles now averaging £1.04 in 2024, up from £0.62 in 2019.

Another staple, granulated white sugar, is up 67.6%, 71 points in 2019 to £1.19 a kilo in 2024. Sugar crops have been affected by weather changes, particularly droughts in key producing countries of sugar as India.

Concerns about India’s low reservoir levels in some states such as Maharashtra and the inability to sustain the sugarcane crop have also led to higher sugar prices. Growing speculation of India imposing a ban on sugar exports has also added fuel to rising prices.

Mintec analyst Andrew Woods said, as reported by The Grocer: “The Indian government could completely ban sugar exports and/or encourage the diversion of more cane to ethanol. However, the weather is changeable and given the market’s uncertainty international sugar market this year, good weather/monsoon forecasts lower global sugar prices and vice versa”.

At the other end of the spectrum, baking potato prices look like a good buy, with prices down around 13% over the same period, from just over a pound a kilo to 90p. The reason for this is believed to be increased competition.

Cereals have also fallen prey to shrinkage, where the box looks the same but the contents are smaller – leaving consumers feeling shortchanged in more ways than one.

Escalating fertilizer costs as well as bottlenecks in fertilizer supply chains have also driven up crop prices. However, fertilizers can still be key in protecting crops from extreme weather with things like special nutrients to increase plant resistance to drought as well as increase crop yields.

Marco Farnararo, chief executive officer (CEO) and co-founder of BravoVoucher said in a press release: “This research highlights the financial pressures consumers face as food prices outpace general inflation rates.

“Despite the statutory minimum wage rising by 9.8% this year, the highest increase since 2001, many people are still not earning enough given rising food prices as well as other factors such as energy prices and rent or mortgage. payments, leaving many people in the UK struggling financially.”