In particular, alcohol prices have been hardest hit over last 40 years, rising 535%, according to new research from Admiral Home Insurance. Chocolate prices have risen faster than any other food, up 425%. The cost of Christmas for one family now stands at over £1,100

The research also shows that some presents are cheaper this year than ever before. Clothes, for example, are 14% cheaper than 40 years ago. Art, musical instruments, jewellery and TVs are among the most popular big-ticket Christmas gifts.

Looking over the past decade, the overall cost of Christmas has risen 15%. The average Christmas dinner has also jumped higher – the price of turkey (25%), vegetables (25%) puddings (32%) and cheese (22%) have all increased over the last 10 years thanks to continuing food inflation.

With Santa’s sherry already higher in price, inflation has also hit mince pies. They have risen 32% in the last 10 years, and 320% in the last forty years, making a packet of mince pies that cost £1.64 in 2016 equivalent to 39p in 1976. The group don’t give statistics for Rudolph’s carrots.

Bikes have become more affordable, with prices in 2016 on average 21% lower than in 1986, 42% cheaper than 1996 and 12% cheaper than 2006.