I happened across an article in Scottish Legal News recently which really made me chuckle. Apparently, there are currently more egg products being seized at the United States borders than fentanyl (street name ‘Jackpot’). Ridiculous, right?
Maybe not as ridiculous as we think. The impact of inflation is not just confined to the US, though they do seem to be creating the more humorous headlines. Food bank usage has soared across the UK post-Covid, a direct result of inflation and massively increased costs of basic essentials. With inflation only appearing to rise month on month, this begs the question of where we are going wrong, and what the future may look like.
Inflation is defined in business English by the Cambridge Dictionary as “an increase in prices overtime, causing a reduction in the value of money”. The International Monetary Fund (IMF) adds to this concept: inflation measures how much more expensive particular goods become during a set time period, usually a year. There has been major inflation over the past five years, with several examples seen across the market. When Russia invaded Ukraine in February 2022, fuel prices skyrocketed, hitting a peak in the UK in July of that year at 191.6 (petrol) and 199.2 (diesel) pence per litre. Although these prices have now fallen, this was a prime example of the impact inflation can have on prices of everyday items.
Another example is seen in that article I mentioned. Though this was a US event, the fact that there were more eggs being seized than one of the strongest Class A drugs on the market is significant to say the least. According to Scottish Legal and Newsweek, 5938 pounds of “egg products” had been seized by March 2025 compared to 1631 pounds (around 470 kilos) of fentanyl. While you could argue that the fentanyl is more significant in terms of street value, the eggs aren’t exactly cheap either. The reason for so many eggs being brought over the border illegally are the prices on the shelves: eggs were costing around $5.90 per dozen in February, or £4.54. If you ask me, that is an outrageous price for breakfast.
The States may seem far away but they are not the only ones impacted by the increased costs. According to the Office of National Statistics (ONS), the overall price of food and non-alcoholic beverages rose around 25% between January 2022 and January 2024. In the ten years prior to this, the overall inflation was 9%. ONS also reported that around 1 in 25 adults (4%) have reported that their household ran out of food and could not afford to buy more in the two weeks preceding their January 2024 survey. It is concerning that this is a reality for some, particularly with inflation having been on the rise for such a long period.
This revelation only becomes more concerning with the knowledge that the UK holds the food inflation rates of the G7 countries: Canada, France, Germany, Italy, Japan, the US, and of course the UK. The Food Foundation highlights the shocking difference in figures: whilst the UK has experienced 19.2% inflation, France only sits at 6.9%. They also discuss the impact climate change has had on food prices, with wheat up by 17% as a whole, and palm oil prices increasing by 23% (more on oil later). And it’s not just food: Citron Hygiene reported on the increased prices of period products, with inflation peaking in February 2023 at 11.8%, a 10% increase since 2022. How has this happened?
There are several factors playing into this, with Russia’s invasion of Ukraine being one of the more obvious ones. The prices of fuel and gas shot up in the immediate aftermath, with the increased prices of gas in particular putting huge pressure on the cost of living. The collapse of the Silicon Valley Bank in March 2023 was also a significant factor. The largest US Bank failure since the 2008 financial crisis, the collapse caused major issues in the States and beyond. Interestingly, this occurred around the time inflation peaked in the UK. Quite a coincidence.
Of course we cannot address the inflation spike without talking about Covid, which appears to be the catalyst for the initial increase. The lockdowns caused a halt in several major supply chains, which in turn ratcheted up the prices of the remaining goods on the shelves. The result? Skyrocketing prices of food, with some products going to truly absurd levels. Olive oil is a perfect example of this. Looking at data from ONS, the average price of olive oil in January 2018 was £3.86 per litre. This has been slowly creeping up over the years to cost as much as £8.73 per litre in January 2025. Though this is a drop from the previous peak price of £9.21 in November 2024, the sharp increase demonstrates the result inflation can have on the price of everyday essentials.
The impact of inflation cannot be underestimated. With all of these factors in play, it is not surprising that the use of food banks has increased in recent years, however the exact number is pretty shocking to say the least. According to the Trussell Trust, 3.1 million people were supplied with emergency food parcels in 2023-2024, with more than 1.1 million going to children. This is an increase of 94% over the last five years, or since pre-Covid times (which feels like a lifetime ago if you ask me). With the population in mid-2023 being 68.3 million, this is a significant group of people who needed to access food banks.
The Trust also states that between April 2023 and March 2024, 655,000 people used a food bank for the first time; again, this is an increase from previous years. Even though by this point inflation had peaked and prices were dropping, people were still struggling to afford food. This is unacceptable.
Inflation, major world events and increased demand have caused a huge spike in food prices. The fact that so many people are struggling to afford basic essentials indicates that this is unsustainable, however it is unclear what the solution is. The future may be unclear, however there is one thing I can say for certain: please obtain eggs responsibly!
