Household bills up 25% since 2008 while wages rise just 6%
Car insurance and gas have experienced the biggest price hikes, up by 67% and 52%, respectively, while the cost of electricity and petrol has increased by around a third, according to comparison site uSwitch.com.
The figures come alongside pay increases of just 6% over the same period with consumers now more worried about the rising cost of living than they are about their health.
Ther report found drivers have been the hardest hit over the last five years.
The cost of fully comprehensive car insurance has risen 67% since 2008, from an average of £684 a year to a staggering £1,140 a year. Adding fuel to the fire, unprecedented hikes in petrol prices mean that a two car family can now expect to spend £331 a month filling up their cars, up 33% from £250 a month in 2008.
The situation is unlikely to improve any time soon, with the AA predicting petrol prices hitting their highest ever level by Easter.
Food bills have also been hit, up 17% since 2008 with the average monthly shopping bill rising from £220 to £256 a month. Prices have risen 4.5% in the last year alone, with vegetables up 8.4% and fruit up 7.2% after rain devastated harvests.
Broadband is the shining star in the shopping basket of bills, actually witnessing a 68% decrease since 2008. The average cost of standalone broadband is now just £5 a month, compared to £17 a month five years ago.
Unfortunately, this drop is offset by the cost of having a landline – required for most broadband to operate – which has risen 31% from £12 to £15 a month.