UK olive oil jumps 116% as eggs, beef, and milk add to grocery squeeze

In the United Kingdom, even a pantry staple as basic as olive oil has become a symbol of how dramatically everyday shopping has changed. 

As The Independent reported, prices for olive oil have risen to more than twice their previous level, and staples including eggs, beef, milk, pasta, and chocolate have all become markedly more expensive too.

Here's what to know

According to an analysis cited by the paper, olive oil recorded the sharpest increase among the items reviewed, climbing 116% since the cost of living crisis began in 2021.

Other everyday groceries also showed large gains, The Independent noted. Beef rose 61.3%, eggs 56.7%, pasta 54.9%, chocolate 51.2%, and milk 45.8%. The Office for National Statistics said cumulative inflation reached 28%.

Laura Suter, director of personal finance at investment platform AJ Bell, explained why olive oil stood out.

"Prices for the oil peaked higher than this, thanks to a combination of poor harvests and higher energy costs, before dropping back again," she told the publication.

Households are also contending with a wider inflation uptick. The Independent reported inflation reached 2.9%, compared with 2.6% in June. Official figures tied that rise to higher energy costs amid conflict in the Middle East.

More background

The paper said poor harvests and higher energy costs have been driving factors, while drought in Europe and soaring temperatures in the U.K. and across Europe are expected to keep putting pressure on food production and prices.

Those strains on farming conditions have also contributed to higher prices for basics including eggs, milk, and beef.

"It's been a rollercoaster ride for prices since the cost of living crunch began five years ago," Suter told The Independent.

That can make things especially difficult for consumers, as many of these items are commonly bought in grocery runs. Combine those prices with another necessary commodity such as gas for some drivers, and it can be difficult to make the math work.

What can be done?

Switching product brands, comparing supermarkets' prices, and watching for promotions can ease the pressure, especially for pricier items such as oil, meat, dairy, and packaged staples.

Suter pointed out that there's little relief for consumers.

"When we dig into the basket of goods that makes up the [Consumer Price Index], just 14 of the 192 categories are cheaper now than in July 2021 — signalling just how widespread the cost rises have been," she said.

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