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Shoppers hit by rising prices as costs soar over past five years

Shoppers hit by rising prices as costs soar over past five years
Items such as olive oil, baked beans and sugar have risen particularly steeply with adverse weather, geopolitical concerns and global inflation contributing to the rise.

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The cost of essential food items such as olive oil, baked beans, and sugar has risen significantly in the past five years due to adverse weather, geopolitical concerns, and global inflation. According to a study by, the price of olive oil has increased by 113.8% during this period, with similar rises for baked beans and sugar. The rise in living costs has impacted not only the UK and Europe but also countries like Zimbabwe, Argentina, Venezuela, Haiti, and Lebanon. Supply chain issues, geopolitical conflicts, and weather changes have contributed to the price hikes. For example, the Israel-Hamas conflict and attacks in the Red Sea have disrupted commercial shipping, leading to higher distribution costs. Additionally, droughts and flooding in key olive oil and sugar-producing countries have affected production. While some food items have seen a decrease in prices, concerns about escalating fertilizer costs and backlogs in supply chains have led to crop price increases. The CEO of BravoVoucher, Marco Farnararo, highlighted the financial pressures facing consumers, particularly in the UK, as food prices outpace general inflation rates.