Recent research shows that the price of a loaf has increased by up to 38% over the last three years depending on where you bought it.
Today that same loaf would cost the consumer Â£1.25 in most supermarkets, an increase of up to Â£0.35p or nearly39%.
Thirty Five pence may not sound a lot until you consider that an average family of four gets through 118 loaves a year. the increased price has put an extra Â£35 a year strain on the family budget, with the total spent on bread being Â£182.50p.
The head of PR and Partnerships at Savoo.co.uk, Ed Fleming, said “Bread is a staple product in most households, particularly families, and as a product it is certainly not immune from the effects of inflation. Families go through an awful lot of bread each week and any increase in price is immediately felt. Our figures show that an average family of four can now expect to spend an extra Â£35 each year on bread alone.”
“Managing the family purse strings takes some considerable advance planning if you want to stick to a tight budget. But savvy money savers know to shop around for the best deals and keep an eye out for online offers. The savings if you follow this tactic can be significant and make a real difference.”
The government is not printing money with abandon so there is no chance of hyper-inflation. But as energy and commodity prices increase so does the cost of getting food to your table, as shown by the currently high CPI/RPI figures. This pushes up the cost to the consumer of staple products, which people gave to buy to survive, but then squeezes the amount of money available for those occasional purchases such as TVs and cars.
So, this increasing trend in the price of everyday goods may well continue for some time, with the only upside being that the price of the more luxury goods, if you can afford them could well fall.
And 35% over three years is not to be ignored, viewing it from another angle many people looking to find somewhere to invest their money would jump at that sort of return.
Looking after every penny is becoming the norm for more and more families.