Costs rocketing faster than wages

People spend 22 per cent more on mobile phones than five years ago, while the price of a Big Mac has also increased by 19 per cent, a report has claimed.

According to the study from lettings deposit replacement scheme Ome, which found the cost of a rental deposit has gone up by five per cent, other items that have increased at a greater rate than tenancy deposits in the last five years are car insurance at 15.3 per cent, the price of gold at 10 per cent and the cost of a pint at 10 per cent.

The cost of a basic pay TV package has increased from an average of £22 to £28 in the last five years, the largest increase at just over a quarter.

Meanwhile the only things to make the list that have increased at a lower rate than a rental deposit are home insurance costs at four per cent and petrol, which has reduced by two per cent.

During this time, the average UK salary has increased by 12.4 per cent.

Ome spokesman Matthew Hooker said: “The increase in the value of tenant deposits is actually smaller than the increase seen in TV packages, mobile contracts, Big Macs and even the growth in the average UK salary.”