Britain's Olive Oil Prices Double Amid Worsening Inflation

The price of olive oil in Britain has more than doubled in the past five years, according to research from investment platform AJ Bell. The increase is the largest among consumer goods, and only mortgage rates have risen higher since July 2021.

Olive oil prices rose by 108% due to crop failures and rising energy costs. Inflation, which began to spike in August 2021, peaked at 11.1% in October 2022 before slowing down but remaining above the Bank of England's 2% target.

The cost of other goods has also increased significantly, including offal (up 76%), beef and veal (61%), eggs (58%), and chocolate (54%). Some services have become more expensive as well, with car insurance rising by 76% due to parts shortages and higher repair costs.