This is a subscriber-only article
The Ulster Bank’s chief economist, Richard Ramsey, has reported a major increase in the cost of the Ulster Fry.
His long-established Ulster Fry Index tracks the cost of the ingredients, using the UK Retail Price index as a guide.
In the year to February 2023, the index has risen by 19.1%, with the prices of all ingredients showing increases. The increase in 2023, the highest ever recorded, is cumulative and is on top of a 7.2% rise from the previous year to February 2022.
Leading the way in 2023 is milk, up by 42.9% and closely followed by eggs at 29.3%.
Other notable increases are butter, up by 25.4%; bread up 21.1%; bacon up 20.1%, sausage up 19.3%; tomatoes up 18.0%; tea by 15.3%; and mushrooms by a mere 6.7%.
Looking to the future, Ramsey estimates that while the rate of price increase may ease, many of the ingredients may well rise further.
In turn, this will put more pressure on families who are already facing a cost-of-living squeeze as other household costs continue to rise.
SHARING OPTIONS: