The price of life: 2007 – now

by Magenta

12 July, 2018

In this guide, Robin Hood Energy discusses the rising cost of life in 2018, compared to 2007, and the journey in between.

Seemingly every day we’re being made to pay a few more pennies in our shops but this all adds up, especially over a period of years. Only recently, supermarket giant, Tesco, announced they won’t be price matching their products against competitors anymore. Prices rise. Brexit looms. Is it all just a big media scare though? Or has the price of life truly risen? Research from, energy supplier, Robin Hood Energy, analysed the price of common household goods and necessities, like petrol, from 10 years ago compared to now. Let’s see how much money the general public really has lost over the years.

1/ Petrol

In the UK, people are spending around 115.2p per litre on petrol, where has flit back to 2007 and you’d be paying 84.7p instead. Statistically, the UK person uses 1,377 litres per year which costs you £3,828 more now than it did back in 2007. We are definitely not getting the best miles per gallon there.

2/ The cost of education

Still a sore subject for many now-graduates who received the £9000 per year tuition fees compared to their predecessors who had the same education, same lectures and same opportunities for a third of the price. The numbers are quite simple here, if you did your degree 10 years ago, you’d be £18,000 better off, that’s not even accounting for debt and the interest that develops over time.

3/ Sweets treats

I’m sure we’ve all spoken to our friends and colleagues about how we remember when certain chocolates cost way less than they do now. On top of that, they seem to have gotten smaller too, the jury’s still out on that one though. The research specifically looked at Creme Eggs and found that if you ate just one a week, you’d be set back £33.80 now compared to £17.16 then! Deliciousness is expensive.

4/ How expensive is getting ill?

The NHS is one thing we take for granted in the UK, with prescriptions costing around £8.60 currently, however 10 years ago they cost £6.85. This is quite a reasonable price increase as a one off for what you’re getting anyway. However, if you had one a week it would’ve cost you £330.20 in 2007, whereas it costs you £447.20 in the present day.

5/ Staying in touch

Nearly everyone you know has an iPhone, it’s the most popular phone in history. If you were ahead of the trend 10 years ago, it would have at you back £297.67 precisely, however now, for the latest model you’re paying £999. In essence, it does the same thing, but the £701.33 increase is incredibly steep just to keep in touch with your social networks. Maybe it’s time we all went back to Nokia 3310s.

6/ Energy

To stay in touch, we need to charge our devices, energy bills seem to increase every other month with blame being placed on Brexit, trouble with sourcing materials and increased demand. In 2007 the price of a standard tariff would be around £1,039.23 but if you shop around today and lock in a fixed tariff you can get one for a similar price or even less around £959.95.

Life is always increasing in cost, of course, the price of living rises every day. So, it’s important as consumers for us to shop and compare. A great power which we didn’t have much authority over back in 2007.