How have prices changed over time?

Every month a team of specialists in the Bank of England collects around 180,000 separate prices of about 700 items covering everything from a pint of milk to the cost of a football ticket.

In the case of milk and football – the price of a pint of milk has doubled since 1990. That works out as an increase of around 2% each year, in line with the typical basket of all items. Meanwhile, the cost of watching football has rocketed. Over the same period, the price of a match ticket has increased more than six times, or around 8% each year.

Over the past 30 years, the price of a typical basket of goods we all buy has roughly doubled.

Today, a typical household in the UK spends over £500 each week.

The inflation rate target set by government is 2 per cent a year. Since the Bank of England began targeting inflation in 1997, inflation has averaged about 2%.

 

 

Source: Bank of England

 

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