Although a number of supermarkets have slashed the prices of staples like bread and pasta in recent weeks, this year has seen an astronomical rise in food prices as inflation hits a record high.
Brits are becoming so busy that new reports suggest a supermarket price cap could be proposed.
It will not be legislated or mandated, but it is understood Prime Minister Rishi Sunak will back the scheme, which will encourage supermarkets to choose which items they want to limit.
A Treasury source told the Telegraph: “Food inflation is much more resilient and difficult to combat than we anticipated.”
Participation in the initiative, which is modeled on a similar agreement in France, will be on a voluntary basis, the newspaper reported.
But by how much has the cost of staple foods increased in 2023?
let’s find out
How much did food prices rise in 2023?
Consumer Champion Which? has produced a monthly inflation tracker which shows that the prices of many groceries are increasing significantly faster than the inflation rate (currently 10.1%).
The tracker examines 20 categories of food and drink in eight UK supermarkets (Aldi, Asda, Lidl, Morrisons, Ocado, Sainsbury’s, Tesco and Waitrose) and compares how much their prices have increased since the same month last year.
It weights the numbers based on the supermarket market share and sales volume of each product category.
The tracker noted that in April 2023, cheese was the food item with the largest increase, up 25.5% since April 2022.
Second on the list is milk, the price of which has increased by 22.9% since 2022.
Which? also revealed that Lidl is the supermarket whose prices have risen the most over the past year, up 24.9% since April 2022, while Aldi was second with 22.9%.
Food prices will increase from April 2023
- Cheese: 25.5%
- Milk: 22.9%
- Yoghurt: 21.8%
- Butter and spreads: 21.6%
- Water: 20.3%
- Cakes and biscuits 19.4%
- Bakery: 19.3%
- Juice drinks and smoothies117.9%
- Chips: 17.7%
- Cookies: 17.2%
- Fish: 16.5%
- Savory cakes, pastries and quiches: 16.5%
- Vegetables: 15.3%
- Chocolate: 15.1%
- Meat: 15.0%
- Chilled ready meals 13.9%
- Lemonade: 12.8%
- Energy drinks: 11.1%
- Fresh fruit: 10.2%
MORE: UK supermarket revealed with fastest rising prices in April 2023
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MORE: How much have the prices of beans, bacon, tea bags and butter risen in a year?
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