Food prices have been on the rise due to the ongoing cost of living crisis, impacting consumers’ wallets when they visit supermarkets. Many people are opting for supermarket own-brand products to save money, but even those prices are increasing. A recent visit to Marks & Spencer highlighted this trend, known for its higher-end offerings but usually carrying some affordable everyday items.
For instance, M&S’s Classic Mayonnaise is priced at £1.50 for a 500ml tub, slightly more expensive than alternatives like Sainsbury’s Thick & Creamy at 99p and Tesco Mayonnaise at 95p for the same size. However, a new addition to M&S’s product range, the Olive Oil Mayonnaise with only six ingredients, shocked shoppers with its price tag of £4.50 for a 250g tub.
Despite the product’s focus on simplicity and quality ingredients, the significant price difference between the Olive Oil and Classic Mayonnaise has raised eyebrows. The surge in olive oil costs globally over the past years partially explains the premium pricing, but consumers find the six-fold price gap unreasonable.
While some products in the Only… Ingredients range at M&S remain reasonably priced compared to their counterparts, the disparity in certain items like the Olive Oil Mayonnaise is concerning. Consumers appreciate the concept of simplifying ingredients in food products but are wary of overpaying for the privilege.
The high cost of olive oil in the UK stems from various factors, including reduced global supply due to poor harvests, supply and demand imbalances, higher import and supply chain expenses, currency effects, and retail pricing strategies based on quality tiers. These factors collectively contribute to the escalating prices consumers are witnessing in supermarkets.
Shoppers are advised to be mindful of the pricing discrepancies, especially when opting for specialty products like olive oil-based items. As the food industry faces these economic challenges, consumers may need to adjust their shopping habits to accommodate the changing market dynamics.