The weekly grocery shop is costing more than ever as the price of food keeps on increasing, but there’s one product that has risen more than anything else.
Savings experts have analysed the cost of various food items in the UK over the past five years and revealed which products have had the biggest price hikes.
Food with the biggest price hike
The experts at BravoVoucher analysed data from the Office for National Statistics on the average prices of food items from March 2019 to March 2024, and found that olive oil has gone up the most.
It has increased by a whopping 113.8%, meaning the average 500ml to 1l bottle has more than doubled in price. In 2019, it cost £3.76, rising to £3.51 in 2020, £3.51 in 2021 and £3.87 in 2022.
There was then a big increase to £5.78 in 2023, but the most dramatic rise has come in the last year. Between March 2023 and March 2024, a bottle of olive oil rose dramatically to a whopping £8.04!
Why has olive oil soared in price?
The price hike comes after Italy, Greece and Spain, the largest producers of olive oil, experienced their hottest summer on record in 2023. This has had a huge impact on olive trees, meaning farmers didn’t yield as many olives as usual.
“Last year [2022] we had 15% less than average compared to the last 20 years. We might consider this normal as olive trees produce not the same every year with alternate yearly yields the norm, but this year [2023] we had less than 45% yield and this matters a lot,” Spanish farmer Rafael Alonso Barrau told the BBC.
The hot summer, along with droughts and wildfires, forced up prices as olive oil producers were simply not able to produce as much as usual due to poor harvests – but that’s not the only reason.
A bacterial disease called Xylella Fastidiosa has been attacking and killing century-old olive trees, further reducing yields. Plus, Brexit has had an impact in the UK as it has put added import taxes on goods from Europe.
10 biggest price increases
The study found that these were the 10 biggest price increases from 2019 to 2024:
- Olive Oil: £3.76 – £8.04 (114%)
- Baked beans: £0.61 – £1.04 (70%)
- Still mineral water: £0.62 – £1.04 (68%)
- Granulated white sugar – £0.71 – £1.19 (68%)
- Plain biscuits: £0.81 – £1.35 (67%)
- Frozen beef burgers: £2.19 – £3.56 (63%)
- Hot chocolate drink: £2.16 – £3.36 (56%)
- Vegetable pickle: £1.22 – £1.88 (54%)
- Individual cakes: £1.36 – £2.08 (53%)
- Mixer drink: £0.87 – £1.29 (48%)
This information was provided by BravoVoucher, a tool which selects the best online deals and discount codes available for you.
