Food costs have taken a hefty bite out of budgets, with prices skyrocketing 25% since January 2022, according to a recent Food Price report. The sharpest increases were seen in chocolate, olive oil, coffee, and dairy products, making everyday staples pricier for households.
In 2024 alone, food prices rose 2.8%. Including other grocery items, the increase was 2.1%. Notably, these changes weren’t uniform across stores, as some supermarkets kept prices competitive to attract shoppers.
The battle to offer the best prices is heating up. Stores like Maxi are vying with Willys, often matching their prices.
“The price difference of comparable items is about 4% between Willys and Maxi. Lidl, another low-price competitor, offers the same price level for directly comparable items as Willys,” noted Ulf Mazur, CEO and founder of Matpriskollen, in a press release.
Last year saw price increases for nearly 36,000 products. Cocoa led the pack, making chocolate a whopping 17% more expensive. Olive oil prices surged, contributing to a 12% rise in the cost of oils and vinegar. Coffee lovers faced their steepest prices since 1972, with an 18% hike during the year. Dairy products weren’t spared either, climbing 4.7%. Even organic goods saw a 3.6% bump.
These rising costs underline a growing challenge for consumers and highlight the pressing need for solutions to address food affordability. For many, balancing quality and cost is becoming a tougher juggling act with each passing year.
