The average unit price of food has increased by a staggering 42 percent over the past decade, new research shows. This means Britons are paying significantly more for everyday essentials, and in some cases, getting less for their money.
According to the credit card team at Compare the Market, digestive biscuits have been hit hardest by this inflation, with their price skyrocketing by 129 percent since 2014.
Shockingly, not only are consumers paying 71p more per pack, but the size of the biscuits has also shrunk by 28 percent, also known as shrinkflation. This means people are paying more for less.
Baked beans have also seen a dramatic increase, with prices more than doubling, rising by 106 percent over the last decade. Tea, a staple in British households, has also risen by 33 percent, costing 81p more per box without any change in size.
Butter has experienced a double blow with a 58 percent increase in unit price. Not only has the price gone up by 45p per block, but the size has also shrunk by 20 percent.
Other items severely affected by shrinkflation include Choco Pops, which have decreased in size by 24 percent, leading to a 61 percent increase in unit cost, and crisps, which have shrunk by 17 percent.
However, not all food items have seen price hikes. Compare the Market’s research shows pasta has actually become cheaper, with a 21 percent price drop, costing 20p less now than in 2014.
Chicken breasts, grapes, and coffee have also seen slight decreases in cost, with chicken breasts down by 12 percent, grapes by 10 percent, and coffee by four percent.
15 common food items that have risen in price in 10 years
Compare the Market used Wayback Machine to find out how the costs of common household essentials differ compared to 10 years ago. It found:
- Digestive Biscuits – 71p more expensive (129 percent price increase per unit)
- Baked Beans (can) – 72p more expensive (106 percent price increase per unit)
- Olive Oil (litre) – £4 more expensive (105 percent price increase per unit)
- Ketchup – £1.25 more expensive (71 percent price increase per unit)
- Mayonnaise – £1.46 more expensive (64 percent price increase per unit)
- Choco Pops – 61p more expensive (61 percent price increase per unit)
- Lamb Leg – £10.41 more expensive (59 percent price increase per unit)
- Butter (block) – 45p more expensive (58 percent price increase per unit)
- Broccoli – 29p more expensive (55 percent price increase per unit)
- Bacon – 75p more expensive (50 percent price increase per unit)
- Milk (pint) – 45p more expensive (45 percent price increase per unit)
- Crisps (six pack) – 37p more expensive (44 percent price increase per unit)
- Rice – 56p more expensive (43 percent price increase per unit)
- Eggs (six) – 55p more expensive (42 percent price increase per unit)
- Cheddar Cheese – £1 more expensive (40 percent price increase per unit).
