Savings experts at BravoVoucher analysed data from the Office for National Statistics on average food prices from 2019 to 2024 to calculate the inflation rate of each item over the past five years.
They used this to predict food prices for 2030, assuming the inflation rate doesn’t improve. They also made additional predictions based on the UK's annual inflation targets of 2%, assuming the inflation rate does improve.
The food item that saw the biggest price change from 2019-2024 is olive oil, which increased by a staggering 113.8%. This was followed by baked beans, granulated white sugar, still mineral water and plain biscuits.
Marco Farnararo chief executive and co-founder of BravoVoucher, said: “This research provides a scary look into the future of food prices if current inflation trends continue. The dramatic increase we’ve seen in prices for everyday essentials like olive oil and baked beans is particularly concerning. It highlights the urgent need for effective economic policies to stabilise inflation and protect consumers.
“While food prices are continually rising, there are steps shoppers can take to help cut costs. For example, taking advantage of store offers or vouchers can help cut prices, however, don’t be tempted to purchase unnecessary items just because they are on offer. It is also important to keep track of what you already have before going shopping to prevent unnecessary extra spending.”