Price of Ulster fry hits seven year low
Ulster fry lovers can take time out from arguing over whether or not it should include baked beans in order to celebrate, as the ingredients for the national dish hit a seven year low.
According to the Ulster Bank’s Ulster Fry Index (UFI), released on Thursday, the price of the average Ulster fry is around 8.5 per cent cheaper than it was last year.
Price changes in the past year:
Bacon -16.3%
Sausages -7.5%
Eggs -3.2%
Butter -16.8%
Bread -5.5%
Mushrooms -0.7%
Tomatoes -0.5%
Milk -4.5%
Coffee -8.2%
Tea 0%
As food makes up a significant proportion of household spending, Ulster Bank said the index provides an insight into consumer finances and the challenges facing the agri-food industry.
Financial analysts around the world use similarly quirky indices – from The Economist magazine’s ‘Big Mac Index’, to the property price-tracking Cappuccino Index.
The UFI, according to Ulster Bank, provides the layperson with an easily understood summary of household finances.
According to the index, the items that make up the Northern Irish breakfast are collectively the cheapest they have been in over seven years, based on official retail price statistics.
Bacon and butter have fallen most in price, down over 16 per cent and nearly 17 per cent respectively in the 12 months to the end of February.
The price of sausages is down 7.5 per cent in the same period, according to the index, with eggs 3.2 per cent lower.
Despite its seven year low, fry-up constituents are some 26 per cent dearer than 10 years ago, and 37 per cent more expensive than in April 1998.
“Of late, for instance, households have been benefiting from low or no inflation, falling food and energy prices, wage rises, and historically low interest rates,” an Ulster Bank spokesperson said. “This has created something of a sweet spot for consumers, and perhaps helps explain things like the rise in number of cafes and restaurants in Belfast, plus the relatively strong retail environment that we have seen.”
Aside from providing insight for customers and retailers, the index could also help settle a long-running argument: it does not include beans.
