The average costs for a concert ticket (£89.85), eating out (£54.80) and a Uber journey (£18) in 2022 have seen the highest price surges in the past five years, according to new research by Penfold, a digital pension provider. As levels of inflation soar at a far greater rate than wage and benefit increases, Penfold has investigated the most expensive everyday costs in 2022, including the predicted costs in 2025.
Overall, the cost of living prices has risen by as much as 41% in five years, it said.
Beers and Cigarettes
The cost for a pint of lager has risen 16% since 2017. It’s expected by 2025 the average price of a pint will be £4.42, almost a pound more than in 2017. For Londoners however, the average cost for a pint of beer is predicted to reach an eye-watering £13.98 from £8 by 2025.
A pack of 20 cigarettes has increased by nearly £3 in the past five years, with the yearly rise in costs expected to reveal an average price of a 20 pack of cigarettes nearing £15 by 2025. As the average UK smoker smokes 20 cigarettes a day, this amounts to over £5,000 a year.
Transport
The cost of an average Uber trip has risen 80% since 2017, from £10 to £18. When it comes to train travel, Brits have the highest prices compared to the rest of Europe at over 55p per mile. By 2025, the average single journey could cost up to £26.64.
Accommodation
The national average continues to grow, with weekly rental prices averaging out at £256.14, resulting in a spend of £13,319.28 per year. Before considering mortgage rates, the average spending has escalated from £223,807 in 2017, to £281,000 this year. Following this trend, the average buyer could be paying £323,150 for a home by 2025.
Holidays
The UK already had some of the most expensive hotel prices worldwide prior to the pandemic, with the average hotel costing £97.20 a night in 2017. Between 2019 and 2021, prices rose by 41%, the equivalent of £300 more per week.
Daily Essentials
Rising by 27.91% since 2017, the price of milk has risen from 43p to 55p per pint. Buying necessities suddenly feels like extravagant spending, with prices expected to continue growing yearly. By 2025, a 64p pint of milk is expected to be the norm.
The average cost of coffee has soared above 50% in the last five years. To put this in perspective, a daily cup of coffee would cost Brits £225 annually in 2017, if they chose to buy one cup of coffee each working day. In 2022, the exact same purchase would result in an annual spend of £840, hitting £1,154.4 in 2025.
Recreation
On average concert ticket sales have seen a 98% increase in price in comparison to five years ago. By 2025, the average ticket is predicted to rise up 58%, costing a whopping £142.42.
Streaming services are seeing higher levels of demand, especially in a post-pandemic world. By 2025, the monthly price of streaming service subscriptions is expected to increase by nearly double since 2017.
Eating out
The average meal out has seen a 91% increase in the past five years, costing nearly £55 in £22. This would have cost less than £30 back in 2017, whereas it is predicted to be nearly £85 in 2025.
Chris Eastwood, co-founder at Penfold, said: “Rising prices are impacting people across the UK, with almost every activity, commodity, and service observing increased costs as shown from our research. The reality is the heightened levels of inflation we are experiencing do not align with how quickly wages have risen. An increase of 15.35% has occurred in the last five years, yet overall costs of living have nearly tripled by 41.27%.
"With the cost of living expected to continue increasing it has become more important to budget for the future and set achievable pension goals. Thankfully, there are plenty of resources to kickstart saving for your future such as using a Pension Calculator, which allows you to plan ahead, secure future financial stability, and find comfort in retirement.”
