1: Price rises have averaged 5.6% a year since 1971.

2: A pound in 1971 had the buying power of £14.24 today.

3: Back then, a pint of milk typically cost 5p (it is 43p now), a loaf of bread was 9p (it is £1.16 now). This may look like a massive price hike but, accounting for inflation, in real terms the price of both has fallen.

4: In 1971 a pint of beer cost 15p, which is the equivalent of £2.21 today. Now, the average price is £3.80.

5: If someone had saved £1,000 in the average savings account between then and now, they would have £12,198 – which, after the eroding impact of inflation is taken into account, would be worth just £781.

6: If someone had invested £1,000 in a UK tracker fund in 1971, it would be worth £252,204 typically now. After inflation that is £16,156 – so in real terms someone’s money would be worth 16 times more than they had originally invested.

7: If someone had invested their money in Unilever instead, their £1,000 would be worth around £920,302, which, after inflation, is an increase of £58,953. So in real terms this would be worth nearly 60 times as much as was originally invested.

8: In 1971, the average house cost £5,632. If prices had increased in line with inflation, the average house would cost £82,920 today – rather than the actual cost of around £250,000.

9: In 1971, the mortgage rate recommended by the Building Societies Association was 8.5%. Bank of England figures recently put the average at 1.9%.