How much essential food items could cost by 2030 including olive oil, baby formula and baked beans

• Experts have predicted basic food items could be set to hugely increase by 2030
• Baby formula could rise to a price between £13.44 and £14.97
• Items which will see the biggest increases include olive oil and baked beans

Experts have predicted the price we could be paying for essential food items by 2030.

With the cost of living increasing, UK residents can expect to pay a lot more for their basic shopping needs in only six years time. 

A new study from savings experts at BravoVoucher has revealed that if inflation rates stay the same as they currently are, we could see the price of essential items soar. 

The findings were based on data from the Office for National Statistics, which looked at average food prices from 2019 to 2024.

The inflation rate of common food items were calculated over the past five years, and used to predict the prices for 2030. 

The savings experts also made an additional prediction based on an inflation decrease of 2%, which will still see a slight increase in the prices of essential items.

Olive oil has seen the biggest price increase from 2019 to 2024, at 113.8%. The average price in 2024 for olive oil is £8.04, which if inflation rates stay the same could be increased to a staggering £17.19.

Baked beans is second on the list, with a price increase of 70.5%, with the average price of £1.04 currently, with a prediction of costing £1.77 in 2030 if inflation stays the same. 

Other essential food items which have been predicted to see the biggest price increases are; granulated white sugar, still mineral water and plain biscuits.

While other items will not have hugely significant increases, prices will still continue to rise for the likes of semi skimmed milk, cheddar cheese, fresh/chilled whole chicken, gammon, and broccoli.

Powdered baby formula, which currently costs an average of £11.94 currently, could increase to prices between £13.44 and £14.97 by 2030. 

Marco Farnararo CEO and Co-Founder of BravoVoucher said: “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.” 

For more information on the findings on price increases by BravoVoucher, please visit their website.