Inflation is increasing at a rate many in the UK have never seen before, and shoppers cannot help but notice the rising prices of items they hold dear. With the rate of inflation expected to remain high for some time, many are wondering just how much the prices of some of the country’s most loved food and drinks will increase over the coming years.
A new study from credit card brand Aqua has predicted how much some of the most iconic British meals and snacks will change in price over the next 20 years, using a combination of the OECD’s inflation forecast and the Bank of England’s target steady inflation rate.
Freddo frog chocolate bars are predicted to rise in cost by over 20p by 2042, taking the price to 51p
A Freddo Frog costs 30p, which some already feel is unreasonable as many remember these chocolate bars being just 10p from their launch in the 1990s up until 2005. However, this nostalgic childhood icon is expected to cost an extra 17p by 2042, taking the price up to 47p.
The iconic supermarket meal deal is expected to cost more than £2 extra in 20 years, rising from £3.90 to £6.05
Supermarket meal deals aren’t exempt from the rising cost of living either, with the average price predicted to increase by more than a pound from £3.90 to £6.05 by 2042.
By 2042 a pub roast dinner is predicted to increase in price by almost £10 to cost £22.46
Over the next 20 years, Brits can expect the price of a unique pub roast dinner to rise by just over £10, taking this comfort meal from £14.49 to £22.46.
Aqua’s advice on how to budget in line with the rising inflation rates
Sharvan Selvam, Commercial Director at Aqua, commented: “The cost of living crisis and rising inflation rates are hitting Brits hard and are understandably causing concern for many of the country. These topics are often at the forefront of the news cycle; unfortunately, this is unlikely to change for some time. However, you can take some simple steps to adjust your spending in line with rising food and drink prices to feel more in control of your finances.”
- Find out what you’re entitled to – Billions of pounds in government benefits and allowances go unclaimed yearly. Use this simple online calculator to find out if you’re missing out.
- Create a personal budget – A budget is a plan for your money and helps you keep track of it over time. First, add up your monthly income and then categorise your expenses (such as rent, utilities, groceries, etc.). Then, subtract your expenses from your income. If you discover that your spending adds up to more than your income, look for ways to cut back in categories such as entertainment and to eat out first.
- Eliminate unnecessary subscriptions – Eliminating subscriptions that you no longer use or hardly use is an excellent way of saving money, as every £10/£20 a month adds up and can save you a lot of money in the future.
No matter your situation, these simple tips will help ensure Brits can effectively stick within a budget and avoid spending beyond their means.