The £16 olive oil shock warning to all shoppers

UK households which keep olive oil in their kitchens have been issued a stark £16 warning. Amid the backdrop of soaring grocery and food inflation, a two-litre bottle of supermarket olive oil that would have cost you £7 just two years ago could now see you forking out an astonishing £16.

Tesco's chief executive, Ken Murphy, commented last week that inflationary pressures had "lessened substantially". However, the average price of a bottle of olive oil has surged by 89 per cent, as per the latest figures from the Office for National Statistics (ONS).

The statistics reveal that broccoli now costs 50 per cent more than it did two years ago, increasing from £1.66 to £2.52 per kilo. Additionally, cucumbers have seen a rise of 39p, beans are up to £1.04, and the price of dried pasta has almost doubled from 50p to 95p for a bag. For money-saving tips, sign up to our Money newsletter here

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Olives have suffered due to groves being hit by the hottest summer on record in the European Union. In Spain, which is the world's top olive oil producer, supermarkets have resorted to fitting security tags on bottles to combat a spike in thefts.

Following the ONS report, a Tesco spokesperson stated: "Our own-brand Olive Oil starts at £3.30.", reports Birmingham Live. This statement comes in the wake of a customer known as Melraunch posting a photo comparing branded and own-brand olive oils with the bewildered caption: "Sorry but wtf is going on with the price of olive oil?". Try WalesOnline Premium for FREE by clicking here for no ads, fun puzzles and brilliant new features

The image reveals that Tesco customers might have to pay anywhere from £4.30 to £13.85, depending on their choice of product. Tesco has, however, indicated that the pressure on prices for grocers has lessened, as the retail giant reported a sales increase of 4.4 per cent to £68.2bn for the year ending February 24, marking a rise of £2.86bn compared to the same timeframe the previous year.

Mr Murphy commented: "However, we are conscious that things are still difficult for many customers, so we have worked hard to reduce prices and have now been the cheapest full-line grocer for well over a year."