Food price hikes have been looming for a while, and the effect is starting to show as product prices have as much as tripled in Tesco’s Everyday Value range.
The price of a tin of mushy peas in the range was pushed from 8p up to 25p in December, more than tripling in value.
Prices of items across the supermarket’s own brand range have witnessed a steep rise. A packet of dried mixed fruit has increased from 64p to 98p, low-fat cottage cheese now costs 75p instead of the original 59p and the price of Rich Tea biscuits has climbed from 23p to 35p.
The price of tomato ketchup in the range has almost doubled from 16p to 30p, and other popular products including frozen chicken breasts and dried spaghetti will also set shoppers back more than before.
The price hikes have come at a bad time for British consumers, who are trying to revive their ailing finances after splashing out over Christmas.
Guy Anker, from moneysavingexpert.com, said: “Those who are most hard-up are likely to choose this range of goods, so any price rise to the value range is very disappointing.”
The supermarket said that rising commodity costs and food inflation were to blame for this rising prices.
A Tesco spokeswoman said: “While factors such as rising commodity costs and food inflation mean that some products have increased in price slightly over the past year, most of our Everyday Value products have stayed at the same low prices or are now even cheaper.”
News of the rises follows a warning by Waitrose MD, Mark Price, who said that “everything will be hit” when the food price hikes come into view.
The relentlessly miserable weather is the reason behind poor harvests and subsequent food price hikes.
“We’re seeing input food inflation of around 3 to 3.5 per cent, but we expect it go up to as much as five,” Mr Price said.
Predicting that demand will outstrip supply, he added: “It is likely that food inflation will continue to rise for the foreseeable future.”
Online tenant loans can tide you over in an emergency, provided you can repay them quickly. It is always advisable to budget before opting for such a loan.