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Saturday, April 20, 2024

The shocking extent of seven years of price hikes – Research from My Community Finance

Brace yourself for April price hikes as the government, NHS, Royal Mail, and many other businesses jump on the incremental price increase bandwagon for everyday items, services, utilities, and events.

Occasionally, the price hikes are minuscule and go unnoticed by consumers. However, at other times, they can substantially impact household budgets, like the upcoming 4.99% rise in council tax which will impact millions or the whopping 14.4% surge in broadband costs this year, from providers including BT, EE, Vodafone, and Plusnet.

The cost of living crisis is hitting households hard because everyday expenses are increasing much faster than incomes. Between 2016 and 2023, the median annual earnings for full-time employees in the UK increased by just 17% in seven years, from £28,195 to £33,000.

The team at mycommunityfinance.co.uk has delved deeper into April price hikes, alongside a snapshot of popular items that have gone up in price over the past seven years, identifying the top culprits of incremental increases that surpass the median annual earnings increase of a UK full-time worker.

The average household energy bill – a 120% increase 

2016 – £1,134.00

2023 – £2,500.00 (Without government assistance, £2,100 with) 

The average price of a block of butter per 250g – a 67% increase 

2016 – £1.40p

2023 – £2.34p

A first-class stamp – a 72% increase 

2016 – 64p

2023 – £1.10p 

The average retail price of a used car – a 70% increase 

2016 – £10,736 

2023 – £18,268

The average price of a pint of milk – a 64% increase 

2016 – 42p

2023 – 69p

A Glastonbury ticket – a 47% increase 

2016 – £228 

2023 – £335 

The average price per litre of petrol – a 43% increase 

2016 – 103.9p

2023 – 148.73p

Annual BT line rental – a 39% increase 

2016 – £18.99 

2023 – £26.35 

The average price of a house – a 36% increase 

2016 – £207,780

2023 – £281,684 

An annual season rail ticket from Basingstoke to London – a 26% increase 

2016 – £4,196 

2023 – £5,292 

The average cost of 50 hours a week of childcare for a child under two – a 24% increase 

2016 – £217 per week 

2023 – £270 per week 

The average cost of a pint of lager – a 22% increase 

2016 £3.47

2023 £4.23 

Amazon Prime membership – a 20% increase 

2016 – £79 

2023 – £95 

Founder and CEO of mycommunityfinance.co.uk, Tobias Gruber, said: 

“Inflation has been an alarming and ongoing crisis over the past seven years, causing significant financial hardships for individuals and families. With the rising cost of necessities, coupled with stagnant wages, many people need help to make ends meet. 

“Urgent action and effective policies are needed to address this pressing issue and alleviate the burden on the most vulnerable of its devastating effects. It’s time for leaders to prioritise this issue and work towards a more stable and sustainable economic future for all.” 

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