The cost of living crisis is continuing to put people's wallets into a chokehold amid rising prices all across the country.
Many households are also under the threat of severe prices rises in April with an expected 4.99 per cent rise in council tax and a 14.4 per cent surge in broadcast from providers like BT, EE, Vodafone, and Plusnet. This is compounded by the fact that annual earning on average over the past seven years has only increased by 17 per cent, according to mycommunityfinance.co.uk.
Founder and CEO of mycommunityfinance 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.
Read more: Bank of England to make interest rates announcement this month - what to expect
"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."
Here's a breakdown of all the things that gone up in price over the past seven years...
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
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