Crippling mortgages and £16 olive oil: how much have UK prices risen in the past two years?

The government might be celebrating falling inflation, but higher prices for goods and services are here to stay

Two years ago, a two-litre bottle of supermarket olive oil cost about 7. Step into your local branch today and that same bottle will set you back more than 16. Grab a packet of pasta, or some broccoli, and you will pay 95% and 50% more, respectively, than in 2022. If your car insurance renewal is due, that will be an extra 35%-50%.

The Russian invasion of Ukraine almost 26 months ago set off a chain reaction that caused energy and food bills to jump, and ultimately sent inflation in the UK spiralling, reaching a peak of 11.1% in October 2022, the highest rate in 41 years.