Cost of ingredients to make an Ulster Fry rises by average 19.1%

There has been a record rise in the cost of making an Ulster Fry according to Ulster Bank’s Ulster Fry Index.

The bank says it costs on average 19.1% more for the ingredients needed for the traditional cooked breakfast – the biggest jump since they began tracking the index in 2007.

Last year the average cost rose by 7.2%, while in 2021 it was 1.2%.

Milk saw the biggest price increase in the index with a rise of 42.9% throughout the previous 12 months, followed by strong rises in margarine (31.5%), eggs (29.3%), butter (25.4%) and sliced loaf (21.1%).

Ulster Bank’s Chief Economist Richard Ramsey said: “We know that food makes up a significant proportion of household spending and is also one of our most important economic drivers in terms of the local Food and Drink industry.

“So understanding how the price of these popular food items is changing gives us a useful insight into the state of typical household finances and also the overall health of the agri-food industry.

“What the Ulster Fry Index is telling us is that the price of everyday household essentials such as bread and milk have risen beyond their previous peaks, and this coupled with rising energy bills is continuing to put a squeeze on consumer spending powers.

“While it may not deliver good news initially, the reality is however, that we can expect these rises to begin to level off and we may even see some decreases in the next 12 months.

"That said, this will bring little comfort to those households who are struggling to contend with double-digit inflation and ongoing cost pressures on what have previously been considered every day or basic household items.”

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