Iceland Supermarket Maintains £1 Pricing on Key Ready Meals for Two Decades Amid Inflation
The UK retailer has kept the price of select popular meals unchanged since 2005, defying widespread inflation that has seen other staples significantly increase in cost.
Iceland, a UK supermarket chain, has maintained the price of several of its popular ready meals at £1 for two decades, a feat achieved by keeping prices unchanged since 2005. This contrasts sharply with the broader inflationary trends that have affected food prices and other consumer goods.
The ready meals that remain at the £1 price point include lasagne, spaghetti bolognese, chicken curry with rice, and cheese and tomato thin crust pizza. Archives indicate these items were launched at 99p in 1996, with a minor increase to £1 occurring in 2005. Iceland reported that over three decades, these meals have increased in price by only 1p.
In comparison, the retailer highlighted significant price hikes in other essential items and everyday luxuries. Petrol prices have risen by 173 percent, diesel by 198 percent, milk by 81 percent, and a pint of lager by 179 percent over the same period. A particularly stark comparison was made with the price of a Freddo chocolate bar, which increased by 250 percent from 10p to 35p.
Other Iceland products, such as cottage pie and sweet and sour chicken with rice, have also held their 2005 price of £1. To commemorate the 30th anniversary of its £1 range, Iceland announced it is introducing or reducing the price of 750 more products to £1. This expansion includes household staples like tea bags, baked beans, and bread, as well as meals such as toad in the hole and pasta bake.
Research conducted by Iceland found that 69 percent of British consumers are concerned about rising food prices, with 55 percent reporting stress and anxiety due to these increases. A significant majority, 74 percent, expressed a desire for supermarkets to intervene and help manage prices during the current cost of living crisis. The overall rate of UK food price increases has been 39 percent in the five years leading up to 2026.
An Iceland spokesperson commented on the company's commitment to value, stating, "The cost of living has transformed almost beyond recognition over the last 30 years." The spokesperson added, "We know customers are counting every pound, which is why we're doubling down on value." The company emphasized that with 750 products now priced at £1 or less, shoppers can still find everyday essentials, family favorites, and complete meals at prices that are increasingly rare.
Iceland's executive chairman, Lord Walker of Broxton, who also serves as the Government's cost-of-living champion, has previously advocated for policy changes, including calls to adjust the triple lock on pensions due to affordability concerns.