Rocketing inflation The RPI rate of inflation has rocketed – here’s how much by:
Since Boris Johnson was elected RPI rate of inflation in 2019: 2.6% RPI rate of inflation in 2020: 1.5% RPI rate of inflation in 2021: 4.1% RPI rate of inflation in 2022 (estimated for full year): 9.8%
Back to Tory boom and bust years? The last year that inflation was this high was 1990, when RPI was 10.9%
Average annual wage in 1990: £13,760 Average house price in 1990: £57,683 (4 x average annual earnings) Average annual wage 2022: £24,600 Average house price 2022: £260,230
(11 x average annual earnings) Ever rising costs
Some astonishing price hikes over last 12 months:
Price per litre of petrol in 2021: £124.84; in 2022: £167.03p – a 34% rise Price of pint of milk in 2021: 42p; in 2022: 49p – a 17% rise Price of load of white bread 2021: £1.06; in 2022: £1.14 – a 7% increase Price of dozen eggs 2021: £2.07; in 2022: £2.22 – a 7% increase Price of value pasta 500g in 2021: 29p; in 2022: 70p – a 141% price increase Tin of baked beans in 2021: 22p; in 2022: 32p – a 45% increase Bag of small apples in 2021: 59p; in 2022: 89p – a 51% increase Value rice 1kg in 2021: 45p; in 2022: £1 for just 500g – 344% equivalent increase Peanut butter in 2021: 62p; in 2021: £1.50 – a 142% increase Mushrooms, 400g in 2021: 59p; in 2022: for just 250g 57p – a 56% equivalent increase
*Figures correct as of May 2022 – and have probably increased further by the time you read this
27 uniteLANDWORKER Summer 2022
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