According to figures released by the Office of National Statistics, the price of some items has risen by as much as 50 per cent since last Christmas with the cost of key ingredients such as turkey, pork, cauliflower and peas all up more than 3 per cent on last year .
The information, taken from the latest CPI/RPI basket of goods, shows that fresh turkey steaks are up 3.8 per cent to £8.15 per kg while gammon is up 10.3 per cent to £7.08 per kg and back bacon up 6.2 per cent to £8.11 per kg. Cauliflower is up 6.3 per cent and frozen peas up 4.6 per cent.
Wine prices have also risen sharply, with the average cost of a bottle of European red wine up 14 per cent to £5.63 and New World wines up 8 per cent to £6.56 a bottle.
However, the research has shown that some root vegetables have dropped in price - potato and carrot prices fell 10 and 20 per cent respectively.
Clever use of ingredients
As a result of rising prices this Christmas, many chefs are being forced to be more creative with menus so as to maximise profits while not compromising quality.
Alan Stewart head chef at Manson in London, told BigHospitality he was still using key Christmas ingredients this year, but with a twist.
"Instead of using goose as a main course, we've made it into a terrine for starters to maximise portions," he said "I'm also doing more things in-house, like curing my own bacon, which helps to cut costs."
The same goes for Allan Pickett, head chef at Plateau at Canary Wharf. "We are constantly looking at different cuts of meat that can be paired with a more luxurious item," he said.
The Society restaurant at the Hilton London Olympia even introduce a bite-size Christmas lunch menu this year, offering four 'Little Christmas' dishes such as turkey, stuffing, sausage, cranberry and gravy; steak and kidney pie; salmon with saffron cream and Christmas pudding and brandy sauce with a glass of wine to diners for £15.95.
Not just for Christmas
However, although the index looks at the price of key Christmas ingredients, food costs have been rising all year and as we approach 2012, chefs are aware they will need to save where they can.
"Food costs are an issue that will never go away," said Pickett. "My butter price has increased 25 per cent in the last month and there are no signs of it coming down in the future. Cattle feed prices are always rising and the dairy farmers are passing on the costs down the line.
"Food waste is a big issue that needs to be looked in every way. As a chef that runs a business I need to make sure that nothing is being thrown away that could possibly be reused in another way."
"Every restaurant will be feeling the squeeze this year," added Stewart. "But as a chef it makes you more inclined to look for under-used or more interesting ingredients and to cut wastage in every way you can."