Food giants have slapped higher prices on food and drinks, which have risen by 1.2 per cent in the year to March, following a drop in the value of the pound following Britain’s momentous decision to unshackle itself from the European Union (EU).
And research shows the price of less frequently purchased goods, such as dental floss and lightbulbs, have experienced the biggest price hikes since the Brexit vote.
Dental floss has risen in the price of almost 17 per cent in the past six months, while the price of lightbulbs has soared by nearly 20 per cent.
Supermarkets have increased their prices after Brexit
The cost hikes were revealed by analysts who compared the prices of a “basket” of commonly bought goods.
Shoppers who like to buy luxury items including cocktails, cashew nuts and fresh trout have been hit by eight per cent increases and water filters by nine per cent.
While plants, seeds and bulbs in supermarkets have seen a 26 per cent rise in price.
But staple goods including beans and pasta have in fact tumbled in price by three per cent.
Food giants are hiking their prices post Brexit
The price of beans has tumbled Brexit: Results of how the UK voted Mon, March 20, 2017
Much of the North East of the United Kingdom voted to leave the European Union including Sunderland, Gateshead, Darlington, Durham, Hartlepool, Middlesbrough, Stockton, Redcar and Cleveland, North Tyneside and South Tyneside, and Northumberland
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GREAT YARMOUTH: The town of Great Yarmouth on the East Coast of England voted by 72% to leave the European Union.
Manufacturers have also resorted to shrinking products, while keeping the price the same, an investigation by Channel 4’s Dispatches found.
Doritos, Birds Eye and Tropicana fruit juice are among the culprits.
While Maltesers cut the size of its sweet packets from 120g to 103g.
Luxury items like cashew nuts have seen their prices increase
Anastasia Laska, vice president of marketing at Revionics, said: Given that 40 to 50 per cent of food is imported, all of the big retailers have been facing higher commodity prices because of exchange-rate fluctuations.
“They have to make smart decisions on where to invest in prices so as not to lose market share and where they can increase prices to ensure they retain overall margins.”