Cost of living over time: comparison tracker

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. We also have a cost of living calculator where you can see how much it would cost when moving from one city to another.

• 2022 research

  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.

  • Graph
  • Table

  

  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%

  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%).

  

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  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.

  • Graph
  • Table

  

  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.

  • Graph
  • Table

  

  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.

  • Graph
  • Table

  

  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.

  • Graph
  • Table

  

  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.

  • Graph
  • Table

  

  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.

  • Graph
  • Table

  

  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.

  • Graph
  • Table

  

  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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