Food prices have been on a consistent upward trend in recent years, reflecting the ongoing cost of living crisis affecting the nation. Shoppers often feel disheartened when they notice the increasing prices of their favorite products upon entering supermarkets.
Many consumers have opted to purchase supermarkets’ own basic ranges to manage costs instead of opting for branded products. However, a recent visit to Marks & Spencer revealed that even this strategy may not always lead to savings. While M&S is known for its premium offerings, shoppers usually expect to find reasonably priced everyday items in the store.
For instance, M&S’ Classic Mayonnaise, priced at £1.50 for a 500ml tub, is only slightly more expensive than Sainsbury’s Thick & Creamy 500ml at 99p and Tesco Mayonnaise at 95p for the same quantity.
However, a new addition to the M&S range, the Olive Oil Mayonnaise with only six ingredients, shocked shoppers with its price tag. Priced at £4.50 for a 250g tub, this mayo is significantly more expensive than the Classic version.
The product description highlights the use of premium ingredients, including olive oil, egg yolks, dried mustard, white wine vinegar, sea salt, and water, to create a smooth and rich flavor.
While the cost of olive oil has been rising globally, leading to higher prices in the UK, the sixfold price difference between the Olive Oil Mayonnaise and the Classic version at M&S raised eyebrows among consumers.
Despite this outlier, other products in M&S’ Only… Ingredients range are not significantly more expensive than their traditional counterparts. For example, a pack of M&S Only 6 Ingredients 6 Heritage Gold Pork Sausages costs £4, comparable to other sausage options at the store.
Similarly, M&S Only 5 Ingredients 4 White Rolls are priced at £2 per pack, offering a budget-friendly alternative to other bread options at M&S.
While the concept of the M&S Only… Ingredients range is praised for its focus on simplicity and quality, consumers are wary of the high prices associated with certain products. The Olive Oil Mayonnaise stands out as an expensive exception, prompting shoppers to reconsider their choices.
Amidst the escalating prices of essential items like olive oil, the reasons behind the cost surge include reduced global supply due to poor harvests, supply and demand imbalances, higher import and supply-chain expenses, currency effects, and retail pricing strategies.
These factors contribute to the overall inflation in food prices, making it challenging for consumers to maintain their preferred shopping habits without feeling the financial strain.