Price of pint in London could reach £14 and takeaway coffee nearly a fiver in coming years, research suggests
19 August 2022, 10:35
A pint of beer in London could cost just shy of £14 in just two and a half years if current trends continue, new research suggests.
A cup of takeaway coffee is also likely to soar in price to as much as £4.44, and the average Uber trip will hit £26, by 2025, according to research by pension provider Penfold.
The cost of a pint in London has already gone up by 16% since 2017. Higher energy costs, wages and supply chain issues have meant struggling businesses have had to pass on costs to customers. Prices have gone up by 9% in the last year and are predicted to increase by another 6% in 2023.
The firm’s analysis suggests a pint of milk could cost 64p by the year 2025.
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. An increase of 15.35% has occurred in the last five years, yet overall costs of living have nearly tripled by 41.27%.
"With the cost of living expected to continue increasing it has become more important to budget for the future and set achievable pension goals.
"Thankfully, there are plenty of resources to kickstart saving for your future such as using a Pension Calculator, which allows you to plan ahead, secure future financial stability, and find comfort in retirement.”
