The retail price of packaged croissants has almost doubled in the last six months, according to the latest price data from Verdict Research.
The survey found that, of all retail products, the price of four-packs of croissants rose the most steeply - by 47.4% from January to August this year - topping Verdict’s top 10 list of product price increases. Second on the list was original and bolognese pasta sauce, with packeted ham coming in third. Over the same period, the overall bakery and cereal product category has seen a price rise of 6%.
"It’s purely down to the raw ingredients," explained Huw Edwards, Asda’s bakery director. "Croissants have been hit not only by flour costs, but by high increases in fat as well." Despite this, Edwards said Asda’s sales of croissants are still very good.
The overall increase in consumers’ shopping baskets from January to August was 8.3%, said Verdict. "The good news is that food prices won’t keep on going up by as much as this; the bad news is that they are likely to remain stable rather than come down," commented Neil Saunders, consulting director, Verdict Research.
"Consumers have become used to food prices falling year after year. That era has gone and shoppers are having to adjust to higher prices."