Soaring costs expected for kitchen staples as UK prices predicted to double

-Credit: (Image: Bloomberg via Getty Images)
-Credit: (Image: Bloomberg via Getty Images)

UK households have been warned about the potential price increase of granulated white sugar and olive oil in their kitchens. A recent report by BravoVoucher has highlighted the products that are expected to rise in price by 2030, with figures based on previous research using data from the Office for National Statistics.

BravoVoucher predicts that by 2030, olive oil will be one of the most impacted products. The price of olive oil has already risen by 113.8 per cent between 2019 and 2024, hitting £8.04 per litre by March 2024.

By 2030, the cost of olive oil could potentially more than double to around £17.19. However, if inflation slows, prices could only rise slightly to £9.05 by 2030.

READ MORE Devon power plant leaves debts of more than £50m

READ MORE Co-Cars and Co-Bikes went bust leaving enormous debts

The price of granulated white sugar has also seen a significant increase, rising by 67.6 per cent to reach £1.19 per kg in March 2024. If inflation continues at its current rate, prices could increase to approximately £1.99 per kg by 2030, or £1.34 if inflation is controlled, reports Birmingham Live.

"Supply is difficult and not sufficient to meet demand," said Walter Zanre, the UK boss of Filippo Berio, one of the world's largest olive oil producers. The Italian trade body, the Associazione Granaria di Milano, stated that bottlers were being forced to replenish depleted stocks, which has driven up wholesale prices again in recent weeks, following a period of stability since a big price jump in January.

"When we get to the other side of the summer it could light the blue touch paper and [wholesalers] will be able to charge whatever they like for what is left," Zanre warned. Zanre stated that Filippo Berio would be importing oil from South America for the second consecutive year to bolster production.

However, the olive oil specialist had previously voiced concerns earlier this year, noting that procuring stock from there was more challenging this year due to supply restrictions in Argentina and Chile.