THE cost of bacon has fallen by 5% while the price of butter is up 7% according to the annual Ulster Fry Index.
Ulster Bank's chief economist Richard Ramsey has given an update on the performance of the farming and food sectors and related economic issues, and presented his annual 'Ulster Fry Index', which showed that the price of a number of items making up a cooked breakfast actually fell in the year to the end of February.
Bacon was the biggest faller (down 5.1%) tea fell by 3.9% and the cost of eggs dropped 2.5%, while a number of other items rose at rates well below the headline inflation rate, including sausages (1.6%), and tomatoes (1.4%). Margarine (up 21.7%) and butter (up 6.9%) saw the biggest rises in the last year.
“Food makes up a significant proportion of household spending. Food and drink is also a key sector of the Northern Ireland economy. So, understanding how the price of food items is changing gives us some insight into both the current state of consumer finances, and also some of the challenges facing the agri-food industry,” Mr Ramsey said.
