Featured Image Credit: Marco Di Benedetto/Ladanifer/Alamy Stock Photo
Topics: Food And Drink, Money, London
Aisha Nozari
Topics: Food And Drink, Money, London
Bad news, boozehounds, new research reckons a pint in London will set you back £13.98 by 2025.
Meanwhile, in just two-and-a-half years, a cup of coffee could cost as much as £4.44 and a standard Uber fare – which currently sits at around £18 – will burn a £27 hole in your pocket.
The cost of living crisis has sent prices surging this year, and unless rising inflation hits the brakes, there’ll be an eye-watering jump in the prices of everything from milk to McDonald's.
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A new study published by pension provider Penfold starkly lays bare the fact that consumers’ cash simply won’t stretch as far in the coming years.
Penfold’s research also notes that in the last five years, prices have shot up at the speediest rate since 1980, and since 2017, gig tickets, Uber journeys and meals out are the three things that have increased in price the most.
The cost of gig tickets has shot up 98 percent in the last five years, a staggering price jump that made headlines this summer when tickets for Bruce Springsteen’s 2023 London dates sold for $5,000 (£4,152).
Uproar among gig-goers over the stupefying prices forced Ticketmaster to respond, with Variety relaying a statement from the ticketing company which read: “Ticketmaster says [the most expensive tickets] represent only 11 percent of the overall tickets sold.
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“By the ticketing service’s calculations, that left the other 88.2 percent of tickets sold at fixed prices that ranged from from $59.50 [£49.42] to $399 [£331] before added service fees.
“Ticketmaster further says that the average price of all tickets sold so far is $262 [£217.63], with 56 percent being sold for under $200 [£166] face value… the service further broke down the percentages on the 56 percent of tickets it says were sold for under $200 [£166].”
The outlet continued: “It said that one per cent were sold under $99 [£82.23], 27 per cent went for between $100-150 [£83-124], and one per cent sold for between $150-200 [£124-166].”
Ticketmaster added in a statement: “Prices and formats are consistent with industry standards for top performers”.
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Speaking about his company’s new research, 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.
"With the cost of living expected to continue increasing it has become more important to budget for the future and set achievable pension goals.”