The price of everyday food products bought at a popular supermarket in February 2022 and again in February 2023 illustrates the cost of living crisis. In total the small basket of ten items had risen in price from £14.18 to £16.60 a percentage increase of 17%.
Seven of the items had gone up by more than the current Consumer Prices Index rate of inflation which is 10.5% The most inflated item was Heinz Cream of Tomato Soup who is 79% more expensive than a year ago in the same shop.
Food prices are taking centre stage in the cost of living crisis, placing significant pressure on household budgets even as overall inflation eases. With latest Office for National Statistics figures showing food CPI (Consumer Prices Index) inflation at 19.3% – down only slightly on March’s 19.6% – consumers continue to face budget-breaking price rises on kitchen cupboard essentials such as olive oil, up 49% on a year ago, cheese, now 42% more expensive, and milk and backed beans, both up 39%.
