I've done a small calculation based on when petrol was £1 per gallon, which was 1979, and the prices both last year and currently. The increase in prices were then compared with the increase in average wage then and now.
As you can see from the chart above, fuel followed roughly the same multiplier as the average wage between 1979 and 2021, but has recently jumped from a multiplier of 5.41 from the 1979 price to a phenomenal 9.0.
1 comment:
I suspect if you put in the price per barrel you’d get an interesting lack of parallel.
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