Food prices have been steadily increasing due to the ongoing cost of living crisis. Many consumers are turning to supermarket’s own basic ranges to save money. However, even in stores like Marks & Spencer (M&S), known for its higher-end products, price hikes are evident.

For instance, M&S’ Classic Mayonnaise is priced at £1.50 for a 500ml tub, slightly higher than Sainsbury’s and Tesco counterparts. However, a new addition to M&S’ range, the Olive Oil Mayonnaise with only 6 ingredients, shocked shoppers with a price tag of £4.50 for a 250g tub.

This premium mayonnaise, highlighting the rich flavor of olive oil, contains only six ingredients. Despite the simplicity of its composition, the price remains high. The escalating cost of olive oil globally has contributed to the soaring prices of products containing it. Consumers are noticing significant price discrepancies, like the six-fold increase between the Classic and Olive Oil versions at M&S.

The Only… Ingredients range at M&S offers various products, with some maintaining reasonable pricing compared to the original products. While some items like the 6 Heritage Gold Pork Sausages and 4 White Rolls are priced competitively, the Olive Oil Mayonnaise stands out for its exorbitant cost.

Factors such as reduced global olive oil supply from poor harvests, increasing demand, higher import costs, currency effects, and pricing strategies all play a role in the soaring prices of olive oil products in British supermarkets. The trend is likely to persist unless significant changes occur in the market dynamics.