Cheers! The price of prosecco is falling

DRINKERS of one of the nation’s favourite tipples are toasting a price war that has driven down the price of prosecco.

The average price of a bottle has fallen by 23p to £6.76 this year. But beer prices are up on average by 20p, wine has risen by 5p, spirits are up 6p and cider has increased by 4p.

The fall in fizz prices is most likely due to increased competition in the prosecco market, said experts. It will be good news for shoppers who want to stock up on sparkling wine ahead of Christmas. Toby Magill, of market analysts IRI, said: ‘Demand for prosecco is still growing and the price is being eroded. Alternative sparkling wines like Asda’s Progrigio are coming in and because of the success of prosecco, it’s very difficult to sell at a higher price.’

Britons’ thirst for sparkling wine shows no sign of being quenched.

Consumers have drunk an extra 12.8million litres of sparkling wine and spent an additional £63million so far this year, up 12 per cent on 2016. The UK sparkling wine market is now worth £782million a year, said retail analysts Kantar. Spokesman Rupert Davies told The Grocer magazine: ‘Prosecco was bought by 8.5million shoppers last year, up from 2.4million five years ago.’

Popular brands included Canti with sales of £35million and Menestrello on £17million.

Discount chains such as Aldi and Lidl have contributed to increased sales and falling prices with special offers, forcing mainstream supermarkets to drop their own prices.