How greedy firms have fleeced us in the last 10 years

How greedy firms have fleeced us in the last 10 years

Families have endured a decade of spiralling bills, it was revealed yesterday.

Figures show energy firms and insurers have raised their prices at up to five times the pace of inflation since 2006.

The cost of a range of goods and other services has escalated at an alarming rate â€" with food and drink up 37 per cent, and university and private school fees soaring by almost 160 per cent.

Meanwhile, advances in technology have caused the cost of gadgets to fall dramatically. 

Laptops, computers and tablets have fallen 76 per cent in price, while cameras and video recorders are down 89 per cent.

This graphic shows how prices have risen and fallen in different sectors over the past decade

The report by the Office for National Statistics, which charted prices from 2006 to 2016, shows household budgets are under pressure from the rising cost of living and slow wage growth. 

Many prices increased far more quickly than inflation â€" up 27.2 per cent over the period, according to the Consumer Prices Index including occupiers’ housing costs (CPIH).

This is the ONS’s preferred measure as it tracks changes in a typical basket of goods and services as well as rent and mortgage repayments.

The biggest rise has been felt by parents paying for their children’s education, with university and private school fees more than doubling. Each £100 spent in 2005 cost £259.16 by the end of last year.

The ONS said the main reason was successive governments raising tuition fees. The cap in England and Wales jumped from £1,000 in 2005 to more than £9,000.

Energy and utility firms have also turned the screw. Heating bills rose dramatically, with gas up 124 per cent and electricity up 98 per cent. 

The average annual dual fuel bill costs £1,165, according to energy watchdog Ofgem. 

Providers blame rising wholesale costs. But a probe by the Competition and Markets Authority found the biggest firms were making excess profits of £1billion to £2billion a year.

But advances in technology mean the price of laptop computers, tablets and cameras have all fallen dramatically (file picture) 

Car and travel insurance has jumped 118 per cent, with the average policy now £462, the Association of British Insurers said. 

Firms have blamed a rise in bogus claims, increasing repair costs and successive increases in Insurance Premium Tax.

The industry has been criticised for raising prices for loyal customers and offering new ones better deals. 

Guy Anker of Moneysavingexpert said: ‘Millions of people are paying the price for apathy by allowing big corporations to take them for a ride.’

The ONS said the increase in food costs was fuelled by bad weather and high oil prices.

Clothes and shoes were 17 per cent chea per than in 2006.

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