Latest research has revealed how the price of a Freddo chocolate bar has dramatically risen by 200 per cent in 18 years, from 10p to 30p, revealing how Brits are getting less for their money than ever before.
But it’s not just the price of the children’s 18 gram chocolate bar that’s been affected by inflation.
The research from price comparison website MoneySupermarket, which used historical inflation data from the Bank of England, revealed how other key goods and services like the cost of monthly bills and even the price of a pint, have been risen since the year 2000, with inflation and slow growth in wages has contributed to the decreasing value of the £10 note.
In fact, the study shows how the value of a £10 note has actually decreased since 2000 as price fluctuations, inflation and stagnating wages effects Brits across the country – with a £10 note in 2000 holding the equivalent value of £16.51 today. The research, which found that despite the average annual salary growing 24 per cent since 2000, inflation has increased the price of goods and services by over 65 per cent.
The property sector has seen dramatic price rises with the average house price rising 131.60 per cent from 2000 to 2018, from £97,600 to £226,071. The study has also revealed how household bills have rocketed in price over the last eight years too with energy bills rising the most. For example, the average domestic electricity bill has risen 132.78 per cent from £238 in 2000 to £554 and the the average domestic gas bill has risen by 84.74 per cent from £308 to £569.
A food shop (per person, per week) has also risen sharply by 54.4 per cent since 2000, with the average shop rising from £23.97 to £37.
A loaf of bread has also gone up in price from 52p to £1.07 since 2000. Social activities haven’t escaped the effects of inflation either and buying a ticket for the cinema has gone up 70.23 per cent from £4.40 to £7.49.
A Premier League Season ticket has also gone up by 46.40 per cent from £317 to £464. A few drinks in the pub has got a lot more expensive too with drinkers paying 105.70 per cent more than in 2000 for a pint as prices have risen from £1.75 to £3.60.
The research comes ahead of the old £10 note going out of circulation on 01 March 2018. Sally Francis-Miles, money expert at MoneySuperMarket, commented: “With just days to go before the old £10 note goes out of circulation, looking back at what £10 would buy you in 2000 provides an interesting snapshot of the past 18 years.
“At the turn of the millennium, your tenner would easily stretch to cover a few drinks and a couple of loaves of bread, with change left over for a chocolate bar. Today, you’d struggle to cover one round in your local pub.
“Those paying utility bills are the real inflation sufferers here, seeing their prices skyrocket over the past 18 years. With inflation shooting up and wages remaining relatively stagnant, it’s no wonder families are feeling more squeezed than ever before.”