Household bills have risen by more than double the rate of inflation over the past decade, according to research by Santander.
The average prices of gas, water, electricity, council tax, TV and broadband have risen 81% in the past decade. In comparison, inflation as measured by the retail prices index has risen 37% during the same period.
The average UK household will spend around £138,000 on bills over a period of 47 years if current trends continue.
- gas prices have increased by 185%
- electricity prices have risen by 120%
- water bills are up 66%
- council tax, TV and broadband prices have risen slower than the rate of inflation.
Matt Hall, director of banking at Santander, said:
“By being savvy, people can potentially save a small fortune on household bills over the course of a lifetime as these make up a significant amount of household income.
“Costs can be reduced by regularly reviewing suppliers to make sure bill payers are getting a good deal, and there are also one-off changes that will help to reduce costs.”