Cost of living 16 percent higher than 1996
Nov 04, 2006
The cost of living has increased considerably in the past ten years, particularly when it comes to items such as utilities and tobacco.
Barclaycard said that the Consumer Prices Index (CPI) from the Office of National Statistics reveals that overall, the cost of living in the UK has increased by 16 per cent over the last decade, as the economy has benefited from a sustained period of low inflation.
Among the sectors which have seen the biggest rise in costs are utilities, which have been pushed up by high energy prices, and tobacco, which has been pushed up by tax. Surprisingly, the cost of a package holiday has risen by almost 50 per cent as well.
Also rising in the past ten years were house prices, which are not covered by the CPI, but have gone up by an average of 189.5 per cent, while the cost of petrol and cigarettes has increased by more than 70 per cent.
At the other end of the scale, however, are items including clothing, household appliances, life insurance and cars, which have seen a price drop. With basic costs such as energy bills much higher than a decade ago, some consumers may choose to take out a personal loan to pay for larger items such as home improvements.
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