The price of olive oil and baked beans, among other basic products, could dramatically rise over the next few years, according to new research.
The pandemic, soaring interest rates, and geopolitical conflicts have resulted in the price of many UK food staples, including olive oil, baked beans, and granulated white sugar, rising dramatically.
A new study has outlined where prices could go over the next few years.
The latest report by BravoVoucher was based on previous research using data from the Office for National Statistics.
BravoVoucher examined food price inflation for staple items from 2019 to 2024 and projected prices for 2030 under two scenarios, one where UK inflation returns to the Bank of England’s two percent target and another where inflation remains high.
Olive Oil:
According to BravoVoucher, by 2030, olive oil is expected to be one of the most impacted products.
Its price has skyrocketed by 113.8 percent between 2019 and 2024, reaching £8.04 per litre by March 2024. By 2030, olive oil prices could potentially more than double to around £17.19.
However, if inflation slows, prices could only rise very slightly to £9.05 by 2030.
The ongoing Israel-Hamas war and its impact on oil supply routes, along with poor olive harvests due to climate change, have kept olive oil prices high.
Baked Beans:
Baked bean prices have jumped by 70.5 percent between 2019 and 2024, to £1.04 per 400-425g tin.
By 2030, prices could soar to around £1.77 per tin if inflation continues unchecked, or £1.17 if inflation reduction plans succeed.
Critics attribute some of these increases to “greedflation,” where producers keep prices high to maximize profits.
Granulated White Sugar:
The price of granulated white sugar has risen by 67.6 percent, reaching £1.19 per kg in March 2024.
By 2030, prices could increase to approximately £1.99 per kg if inflation persists, or £1.34 if inflation is controlled.
Higher energy bills and poor harvests in key sugar-producing countries like India have driven these increases.
Still Mineral Water:
Mineral water prices have already seen a 67.7 percent hike over the last five years, reaching £1.04 per bottle in 2024.
By 2030, prices could climb to about £1.74 per bottle if inflation continues, or £1.17 in a more optimistic scenario.
Rising fuel and chemical costs for water treatment and bottle production are key factors.
Plain Biscuits:
By 2030, plain biscuits could cost around £2.25 per 200-300g packet if inflation remains high, or £1.52 if it is controlled.
The increasing cost of ingredients like sugar and flour is driving these prices up.
Cheddar Cheese:
By the end of the decade, cheddar cheese could cost between £9.85 and £11.10, depending on inflation trends.
Fresh and Chilled Whole Chicken:
The price of chicken is expected to rise to £5.31 per kg if current inflation trends continue, or £4.31 per kg if inflation is controlled.
Broccoli:
Broccoli could see a significant price bump to £3.32 per kg by 2030 if inflation persists, or approximately £2.82 per kg if inflation is reduced.
