In the last three years, food prices have surged by 30.6%, putting a strain on household budgets, according to the latest government data.
As UK Savings Week kicks off, a new study by Ocean Finance sheds light on which staple food items have been hit hardest by inflation.
The research, which used ONS and Consumer Price Index data, analysed the cost of over 100 essential food items compared to 2023 and found that that milk and rice have seen the steepest increases.
Both essentials have jumped by 20%, with the price of milk rising from £1 to £1.20 per litre, with rice following the same trend.
And Ocean Finance’s money-saving expert Fiona Peake has warned there are some foods you need to ‘avoid’ at the supermarket due to rising costs.
She advised to steer clear from ready-made convenience foods, such as pasta sauces, which often cost more.
“It goes without saying that generic brands and store brands are typically cheaper per unit cost. Unless there’s a sale, try to steer clear of named brands,” she said.
“For example, the cost of cook-in sauces has increased exponentially over the last year, but you can make your own using tinned tomatoes and adding vegetables and herbs for a healthier and cheaper (and often tastier) alternative.”
Source: ONS & Consumer Price Index.
Fiona, who has over a decade of experience in the personal finance industry, has shared her tips to help you cutt costs while shopping in-store.
1. Stay organised
“Preparation is key when it comes to saving money! Plan meals for the week and create a shopping list based on the essentials. By sticking to the list, you’re less likely to overspend or buy items you don’t need, which can help avoid food waste. Pay close attention to unit prices—this helps you compare similar items and find the best value for your money.”
2. Coupons and loyalty schemes
Coupons and Loyalty Programs will also help. Fiona says that most supermarkets offer loyalty schemes and discounts, which can add up to great savings over time.
“Tesco is often praised for having the best loyalty scheme, but you can also find savings with programs from Asda, Lidl, Sainsbury’s, Co-op, and more. Don’t forget about cashback websites that reward you for shopping through their platforms.”
4. Be careful with bulk buying
Another tip she suggests is to be careful with bulk buying. Although it can be a great way to save, Fiona says you need to make sure the items you’re buying won’t go to waste.
“Stick to non-perishable items when possible, or check if excess fresh items can be frozen for later use.”
