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.”
