Food prices continue to rise amid the ongoing cost of living crisis, impacting consumers’ grocery shopping experiences. Many individuals are opting for supermarket own-brand products over well-known brands to save money. However, even this strategy may not always result in significant cost savings, as observed in a recent visit to Marks & Spencer.
While Marks & Spencer is known for its upscale offerings, shoppers have come to expect a range of reasonably priced everyday items at the retailer. For instance, the Classic Mayonnaise, priced at £1.50 for a 500ml tub, is only slightly more expensive than similar products at competitors like Sainsbury’s and Tesco.
Surprisingly, during a recent exploration of M&S’ new Only… Ingredients range, a jar of Olive Oil Mayonnaise with only six ingredients stood out for its steep price tag of £4.50 for a 250g tub, compared to the Classic Mayonnaise. The product’s description emphasizes its use of minimal ingredients, including olive oil, egg yolks, dried mustard, white wine vinegar, sea salt, and water.
The sharp increase in the cost of olive oil, a key ingredient in the mayonnaise, has been a contributing factor to the product’s elevated price point. While some products in the Only… Ingredients range remain reasonably priced, the disparity in costs between items raises concerns among consumers.
The global olive oil supply shortage, exacerbated by poor harvests in Mediterranean countries, has led to increased prices worldwide. Growing demand for olive oil coupled with production challenges has further strained supply chains, causing retail prices to surge. Import-related expenses, post-Brexit trade complexities, currency fluctuations, and inflation have also impacted the cost of olive oil in the UK market.
Despite the appeal of simplified ingredient lists in products like M&S’ Only… Ingredients range, the notable price discrepancies highlight the challenges faced by consumers in balancing quality and affordability in their grocery purchases. As consumers navigate these economic realities, the need for transparency and fair pricing in the food industry remains a critical concern.