- If inflation rates don’t improve, olive oil could cost as much as £17.19 by 2030
- A tin of beans could cost £1.77 by 2030 if inflation rates remain the same
- Two sets of predictions were made, based on inflation rates from the past five years, as well as the UK’s yearly inflation targets of 2%
A new study has predicted the prices of common food items by 2030, with basics such as olive oil forecast to cost between £9.05 and £17 per bottle.
Savings experts at BravoVoucher analysed data from the Office for National Statistics on average food prices from 2019 to 2024 to calculate the inflation rate of each item over the past five years. They used this to predict food prices for 2030, assuming the inflation rate doesn’t improve. They also made additional predictions based on the UK’s annual inflation targets of 2%, assuming the inflation rate does improve.
The food items that have had the biggest price increases from 2019-24 and their predicted prices for 2030
|
Food item |
% increase in price from 2019-2024 |
Average price in 2024 |
Price by 2030 if inflation rates decrease to 2% |
Price by 2030 if inflation rates remain the same |
|
Olive oil |
113.8% |
£8.04 |
£9.05 |
£17.19 |
|
Baked beans |
70.5% |
£1.04 |
£1.17 |
£1.77 |
|
Granulated white sugar |
67.7% |
£1.19 |
£1.34 |
£1.99 |
|
Still mineral water |
67.6% |
£1.04 |
£1.17 |
£1.74 |
|
Plain biscuits |
66.6% |
£1.35 |
£1.52 |
£2.25 |
The food item that saw the biggest price change from 2019-2024 is olive oil, which increased by a staggering 113.8%. Its price soared from £3.76 for a 500ml-1l bottle in March 2019 to £8.04 in March 2024. If inflation steadies at 2%, consumers can expect to pay around £9.05 by 2030. However, if inflation rates remain high, prices could skyrocket to £17.19.
Second is baked beans, which have increased by 70.5% since 2019. In 2019, their average price was £0.61, which has risen to £1.04 in 2024 for a 400-425g tin. They could cost £1.17 by 2030, assuming that the inflation rate decreases to 2%, however, if the inflation rate remains the same, they could cost £1.77 per tin.
Granulated white sugar is another item that has been subject to a dramatic price increase. From 2019 to 2024, it has risen by 67.6%. For 1kg of sugar in 2019, the average cost was £0.71, which has increased to £1.19 in 2024. This price is predicted to rise to £1.34 if inflation rates improve, and £1.99 if they don’t.
In third place is bottles of still mineral water, which have increased by 67.7% in price. In 2019, 1.5-2l bottles were priced at £0.62 on average, whereas they cost £1.04 in 2024. If inflation rates continue the way they are, they will cost £1.74 per bottle, however, if inflation rates reach their target of 2% per year, bottles of water could cost £1.17.
With a 66.6% price increase over the past five years, plain biscuits are next on the list. In 2024, a 200-300g packet costs £1.24 on average, while they used to cost around £0.81 in 2019. If inflation rates improve, plain biscuits could cost £1.52 in 2024, however, if inflation rates stay the same, they could cost £2.25.
Other essential items predicted to have a high increase in price
Semi skimmed milk costs £1.24 on average for two pints in 2024, however, it could rise to £1.83 if inflation rates continue the way they are. If inflation rates improve, it could cost £1.40.
Cheddar cheese, which costs roughly £8.75 per kg in 2024, is predicted to rise to between £9.85 and £11.10, depending on the inflation rate.
Fresh/chilled whole chicken now costs £3.83 per kg; however, this is predicted to rise to £4.31 by 2030 if inflation rates improve, and £5.31 if they don’t.
Gammon costs £8.96 per kg in 2024, but this is forecast to rise to £10.19 if inflation rates decrease to 2% per year, and £12.20 if they remain the same as they are now.
Broccoli, which costs £2.50 per kg on average in 2024, could rise to £3.32 by 2030 if inflation rates stay as they are now, or £2.82 if they improve.
Powdered baby formula costs £11.93 on average per pack in 2024, which could hit prices between £13.44 and £14.97 by 2030.
Marco Farnararo CEO and Co-Founder of BravoVoucher has commented:
“This research provides a scary look into the future of food prices if current inflation trends continue.
“The dramatic increase we’ve seen in prices for everyday essentials like olive oil and baked beans is particularly concerning. It highlights the urgent need for effective economic policies to stabilize inflation and protect consumers.
“While food prices are continually rising, there are steps shoppers can take to help cut costs. For example, taking advantage of store offers or vouchers can help cut prices, however, don’t be tempted to purchase unnecessary items just because they are on offer. It is also important to keep track of what you already have before going shopping to prevent unnecessary extra spending.”
This information was provided by BravoVoucher, savings experts.
