Staple Foods at Risk
A new report by online shopping platform BravoVoucher has sounded the alarm on the alarming rise of basic food prices by 2030. Olive oil, baked beans, and granulated white sugar are among the staple products expected to see significant price hikes, leaving consumers reeling.
Olive Oil Prices on the Rise
Olive oil prices have already surged by 113.8% between 2019 and 2024, reaching £8.04 per 500ml bottle. If inflation doesn’t slow down, olive oil could skyrocket to £17.19 by 2030. However, if inflation drops to 2%, the price could rise more modestly to £9.05.
Other Products Affected
Baked beans, another staple breakfast item, could see a 70.5% increase between 2019 and 2024, reaching £1.17 per tin by 2030. Granulated white sugar, used in many products like biscuits and chocolate, has already risen by 67.6% since 2019 and could cost £1.99 per kg by 2030.
More Price Increases Expected
Other products like mineral water, plain biscuits, semi-skimmed milk, cheese, chicken, broccoli, and powdered baby formula are also expected to see price hikes. These increases are driven by factors like rising energy costs, poor harvests, and supply chain disruptions.
Experts Warn of “Greedflation”
The CEO of BravoVoucher has warned of the need for effective economic policies to stabilize inflation and protect consumers. He urged shoppers to take steps to cut costs, such as using store offers and vouchers responsibly.
The Future of Food Prices
As food prices continue to rise, it’s essential for consumers to be aware of these trends and take steps to mitigate the impact on their budgets. With prices expected to soar by 2030, it’s crucial that governments and businesses work together to address these issues and ensure affordable access to basic necessities for all.
SOURCE: Ref Image from Daily Express
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