The cost of a pint of milk at Sainsbury’s has topped £1 for the first time ever, as the cost of living issue continues to worsen.
In some of its smaller outlets, the supermarket giant has begun selling a single pint for £1.05, while a two-pint bottle now costs £1.35.
According to official statistics, buyers are now spending 1.5 times more for milk than they were a year ago, when the typical pint cost 43p.
It comes as the Consumer Price Index (CPI) increased to 10.1% this week, up from 9.4% in June and reaching its highest level since February 1982, mostly due to rising fuel and food costs.
According to figures from the Office of National Statistics, milk and other dairy products have been struck especially hard, with butter increasing by 27.1% and cheese by 17.0% over the past year (ONS).
In Sainsbury’s larger shops, a pint of milk costs 85 pence, a fifth cheaper than in their local stores, and two pints cost £1.15. Sainsbury’s noted that the price difference is due to the higher operating costs of convenience stores.
A representative stated, ‘For instance, rents are frequently more expensive at our smaller stores due to their placements.
The delivery of merchandise to our local stores can often be more difficult.
According to the Sun, all UK supermarkets increased the price of milk last month after farmers reported that the cost of producing one litre rose from 23p to 44p over the course of a year.
In 2025, the average cost of a pint of milk is projected to reach 64 pence, up from the present average of 55 pence.
The typical pint of lager, which is presently priced at £3.95, is expected to rise to £4.42 by 2025 and as high as £13 in London, according to pension provider Penfold.
According to the research, other categories will also experience significant price rises, including leisure activities, transportation, housing, and daily necessities.
According to the analysis, the price of a pack of 20 cigarettes has climbed by about £3 over the past five years, and is projected to reach £15 by 2025.
The price of concert tickets has grown by a staggering 98 percent over the past five years.
Transport expenses have also risen, with more than a quarter of annual salaries spent on public transportation. The number is projected to increase by about 10% during the next three years.
Since 2018, the average Uber ride has increased by 80%, from £10 to £18, and a future normal ride might cost up to £27.
The British endure the highest public transportation costs in Europe, at almost 55 pence per mile. The European average cost per mile is 14 pence.
Additionally, the price of a cup of coffee has increased. What would have cost $2.25 in 2017 is now $3.40 and is anticipated to reach $4.44 by 2025.
Even the price of streaming services such as Netflix, Amazon Prime, and Disney Plus will be affected by inflation.
According to the data, they have climbed by about 40 percent over the past five years, from an average of £6.74 in 2017 to £9.24 today.
It is anticipated that by 2025, the average price will have increased to £11.30.
In the next 12 months, restaurants, pubs, nightclubs, and hotels will all increase their rates due to higher industry-wide expenses.
Also, a normal supper at Nando’s consisting of butterfly chicken, sides, and beverages for a family of four would cost between £68 and £72.08.
In 2017, the typical restaurant dinner cost less than £30, but five years later, it will cost you around £55. In 2025, it is anticipated that prices might reach about £85.
It comes after McDonald’s hiked the price of their signature cheeseburger to account for inflation.
As supplies become more expensive, restaurants and pubs are confronted with increasing energy costs, a shortage of commodities, and supply concerns.
In addition, there are persistent difficulties in attracting and retaining employees, resulting in increased costs to maintain the firm.
This week’s ONS data also revealed significant price increases for chicken (16.1%), fish (13.4%), and snacks (13.4 per cent).
ONS Chief Economist Grant Fitzner stated, “A variety of price increases pushed inflation higher this month.” The increase in food prices, particularly for bakery items, dairy, meat, and vegetables, was also reflected in higher takeout prices.
‘Inflation in July was also driven higher by price increases in pet food, toilet paper, toothbrushes, and deodorants, among other staples.
‘Due to rising demand, the price of vacation packages jumped after declining over the same period last year, while plane tickets also rose.
The rising prices of metals and food pushed up the prices of raw materials and factory-produced goods.
Susannah Streeter, an analyst at Hargreaves Lansdown, told the Evening Standard, “Consumers who are frantically trying to make ends meet continue to face a steady rise in prices.”
Experts estimate that the present inflation rate could be surpassed later in the year, when the Bank of England anticipates that the figure would exceed 13%.
Together with yesterday’s very impressive employment data, the most recent increase may strengthen rumors that the Federal Reserve will raise interest rates again next month.