Cost of living over time: comparison graph

Here's how the prices of common items in the UK have changed since 1992 in comparison to inflation.

Made with Flourish

The cost of living in the UK is going through the roof, with the prices of some items rising above inflation. For many, life seems to be getting less affordable. This can mean that trying to get a mortgage deposit together feels almost impossible, especially as house prices are rising at exponential rates. Regular saving is also becoming more difficult. To see how bad the situation really is, we have compared the prices of common items to check how they have changed over the last 30 years and how they compare to inflation.

Highlights

  • Inflation reached an average of 9.1% in 2022.
  • Petrol cost 30% more in 2022 compared to 2021 on average.
  • In 2023, UK electricity prices are up 150% compared to a base price in 1992.
  • Annual average real earnings increased by just under 4% from 2021 to 2022.
  • At the average house price of £294,329 in 2023, UK residents would be able to buy 5 houses in 1992 and have around £20,000 left over.
  • In 2023, the average price for a pint of milk is £0.69 compared to £0.44 in 2019 and £0.34 in 1992.

How much have prices risen in 2022?

In 2022, inflation rose to the highest it has been since 1992, reaching an average of 9.1%. This is reflected in the price increases of all the categories in the graph below.

Petrol prices have risen the most in the past year, costing 30% more in 2022 compared to 2021 on average. This is followed by a pint of milk, which was 20% more expensive in 2022 compared to 2021. A loaf of bread (12%) and stamps (12%) are the remaining items where prices have risen above inflation in the past year.

Soft drinks (7%) have increased in price this year marginally below inflation. House prices have risen 6% in 2022, which is just less than the 9% increase in 2021 compared to 2020. Rent prices (4%) have risen slightly less than house prices and a pint of beer has risen 6% in the past year.

Worryingly, salaries have risen considerably less than inflation, with annual salaries having only increased by just under 4% in the past year. This is more than half or 5% less than the current inflation (9.1%).

Made with Flourish
Item Price change
House prices 5.96%
Rent 4.13%
Pint of milk 19.57%
Stamp 11.76%
Loaf of bread 12.15%
Inflation 8.04%
Pint of beer 5.81%
Soft drinks 6.68%
Petrol 30.14%
Annual salary 4.27%
Electricity 38.87%

Comparing prices from 1992 and 2022

From 1992 to 2022, all items have gotten more expensive by a decent margin. While annual salaries have increased by £19,359, house prices have increased by £233,184 in the same time frame. In the UK, house prices were 4 times more than annual salaries in 1992 and on average were 9 times the average annual salary in 2022.

Items such as petrol have increased significantly. A full 55-litre tank in 1992 would have cost £23.87 while in 2022 it cost £104.50. A pint of milk has risen from 34p to 55p, stamps 24p to 95p, a loaf of bread 55p to £1.20 and soft drinks from £1.52 to £3.08.

Item 1992 price 2022 price Percentage increase
House prices £53,213 £286,397 438%
Pint of milk £0.34 £0.55 62%
Stamp £0.24 £0.95 296%
Loaf of bread £0.55 £1.20 118%
Inflation 4.20% 8.04% 91%
Pint of beer £1.49 £4.19 181%
Soft drinks £1.52 £3.08 103%
Petrol 43.4p per litre 190p per litre 338%
Annual salary £12,088 £31,447 160%

UK electricity prices over time

Prices for electricity have been climbing steadily over the past 3 decades, really increasing from around 2005. In 2023, UK electricity prices are up 150% compared to a base price in 1992.

Made with Flourish
Year Electricity price increase since 1992
£1,992 0.00%
£1,993.00 5.20%
£1,994.00 4.80%
£1,995.00 8.10%
1996 9.50%
£1,997.00 9.00%
1998 4.20%
1,999.00 -0.40%
£2,000 -1.70%
2001 -3.70%
2002 -4.60%
2003 -4.10%
2004 -3.10%
2005 2.80%
2006 13.50%
2007 35.20%
2008 43.20%
2009 58.80%
2010 63.30%
2011 60.80%
2012 68.00%
2013 73.70%
2014 81.10%
2015 86.60%
2016 86.30%
2017 86.10%
2018 92.80%
2019 101.40%
2020 108.60%
2021 108.80%
2022 147.67%
2023 150.23%

UK petrol prices over time

Petrol prices are very volatile. However, over time the cost of driving a car has risen incrementally. Yearly average petrol prices peaked in late 2022 at 190p per liter, falling to 151p at the start of 2023. The 2023 average price is still a 247% increase from 1992.

Made with Flourish
Year Average price of a litre of petrol (p)
1992 43.4
1993 47.1
1994 50.8
1995 53.4
1996 55.9
1997 61.1
1998 63.1
1999 62.9
2000 75.4
2001 76.9
2002 69.9
2003 75
2004 76.2
2005 79
2006 88.8
2007 86.9
2008 103.7
2009 86.3
2010 119.8
2011 134.7
2012 141.7
2013 136.8
2014 130.2
2015 108.4
2016 101.7
2017 118.7
2018 121.2
2019 119.5
2020 116
2021 146
2022 190
2023 151

UK house prices over time

House prices have grown the most in the last 3 decades, with the average UK house price in 2023 up 453% compared to 1992. At the average house price of £294,329 in 2023, UK residents would be able to buy 5 houses in 1992 and have around £20,000 left over.

Made with Flourish
Year Average house price
1992 £53,213
1993 £54,026
1994 £55,925
1995 £55,762
1996 £59,885
1997 £64,604
1998 £72,469
1999 £82,504
2000 £93,624
2001 £97,964
2002 £125,747
2003 £136,167
2004 £150,734
2005 £160,209
2006 £176,819
2007 £189,193
2008 £160,954
2009 £168,082
2010 £168,703
2011 £167,048
2012 £168,843
2013 £177,971
2014 £191,669
2015 £204,920
2016 £215,500
2017 £225,330
2018 £229,729
2019 £231,996
2020 £247,983
2021 £270,277
2022 £286,397
2023 £294,329

UK salary over time

UK annual real earnings have grown, albeit slower than the price of most other goods listed on this article. The average annual real earnings are up 160% compared to 1992, jumping from £12,088 to £31,447 in 2022.

Made with Flourish
Year Average Annual Real Earnings
1992 £12,088
1993 £12,447
1994 £12,900
1995 £13,302
1996 £13,777
1997 £14,367
1998 £15,098
1999 £15,825
2000 £16,276
2001 £17,108
2002 £17,680
2003 £18,200
2004 £19,032
2005 £19,864
2006 £20,800
2007 £21,840
2008 £22,672
2009 £22,620
2010 £23,140
2011 £23,660
2012 £23,972
2013 £24,232
2014 £24,544
2015 £25,064
2016 £25,688
2017 £26,312
2018 £27,040
2019 £27,976
2020 £28,496
2021 £30,160
2022 £31,447

UK beer prices over time

Beer prices have risen steadily over time, up 184% in 2023 compared to 1992. In 2023, the average price for a pint of beer is £4.23 compared to £1.49 in 1992.

Made with Flourish
Year Average price of a pint of draught lager (£)
1992 £1.49
1993 £1.56
1994 £1.61
1995 £1.68
1996 £1.76
1997 £1.85
1998 £1.92
1999 £1.95
2000 £2.02
2001 £2.06
2002 £2.11
2003 £2.29
2004 £2.35
2005 £2.44
2006 £2.55
2007 £2.65
2008 £2.79
2009 £2.83
2010 £2.99
2011 £3.12
2012 £3.22
2013 £3.32
2014 £3.40
2015 £3.48
2016 £3.52
2017 £3.63
2018 £3.67
2019 £3.73
2020 £3.79
2021 £3.96
2022 £4.19
2023 £4.23

UK milk prices over time

Milk prices have risen sharply since the pandemic, specifically in 2021 and 2022. In 2023, the average price for a pint of milk is £0.69 compared to £0.44 in 2019 and £0.34 in 1992.

Made with Flourish
Year Average cost of a pint of milk (p)
1992 34
1993 34
1994 37
1995 36
1996 36
1997 35
1998 34
1999 34
2000 37
2001 37
2002 37
2003 37
2004 35
2005 35
2006 36
2007 39
2008 45
2009 44
2010 45
2011 46
2012 46
2013 47
2014 46
2015 42
2016 43
2017 45
2018 44
2019 44
2020 43
2021 46
2022 55
2023 69

UK bread prices over time

The price of a loaf of bread has experienced growth in 2 stages, first at the end of the 2000s and then further in the last 2 years. In 2023, the average price of a loaf of bread is £1.39 compared to £0.55 in 1992.

Made with Flourish
Year Average price of a load of bread
1992 55
1993 53
1994 50
1995 53
1996 55
1997 51
1998 52
1999 52
2000 52
2001 53
2002 57
2003 62
2004 64
2005 75
2006 85
2007 99
2008 128
2009 122
2010 124
2011 116
2012 130
2013 127
2014 111
2015 102
2016 101
2017 107
2018 106
2019 102
2020 104
2021 107
2022 120
2023 139

Methodology

Using data from the below sources, Finder worked out the percentage increases in the prices of several common items and compared them to the inflation rate over time.

Data sources: Land Registry, ONS, Royal Mail and House of Commons Library.

Click here for more research. For all media enquiries, please contact –

Matt Mckenna
UK Head of Communications
T: +44 20 8191 8806

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