Freddos Are Still Proving The Insane Cost Of Living In The UK
Freddos: once a tasty chocolate treat, now a common benchmark for the UK’s inflation.
Cadbury’s wide-eyed, increasingly pricey frog has attracted the furore of confectionary lovers for years. Financial experts have turned their noses up at the ‘Freddo Index’, but it’s a simple entry point into the rising cost of living across the country – and more importantly, how things still haven’t balanced out.
Back in 2000, you could get yourself a Freddo for 10p or even less, but this golden age of cheap chocolate didn’t last forever. Today, it costs 25p, or even 30p in some supermarket branches.
In a new clip from Joe Lycett’s Got Your back, exclusively shared with Metro, ITV’s political editor Robert Peston looks at the rising price of Freddos compared to the average rate of pay.
‘I’ve been wasting my time for years on relatively trivial issues like the banking crisis, the COVID crisis, the Brexit crisis, but I’ve always wanted to get stuck into this question of what’s been happening to the price of Freddos,’ he said.
‘Obviously, for most of us, our quality of life stems from how many Freddos we can afford in a typical day, so I looked at how many Freddos you can buy in 2000 based on average earnings, compared with how many we can buy today based on average earnings.’
He continued, ‘The average hourly rate of pay in 2000 was £7.50. That bought you 75 Freddos. Of course, pay has gone up really quite a lot since 2000. It’s gone up to £14.20 an hour on average. But here’s the really bad news. That average hour’s work buys you only 57 Freddos – disaster!’
Past figures from the Office for National Statistics showed the cost of an average grocery shop to be rising faster than the average salary.
However, Freddos have not fallen victim to ‘shrinkflation’ – the wave of manufacturers making products smaller without changing the price. For example, between 2015 and 2017, Maltesers, M&Ms and Minstrels all shrank in size.
If you’ve thought your average chocolate bar is a bit smaller, you’re not imagining it.
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