For a more long-term view, how do today’s prices compare with those of 20 years ago?
In 2004, median weekly pay was £423. Adjusted for inflation that would be £722 now. Real average earnings have risen from £423 to £682 per week in that period, equivalent to 61%, while inflation over the same time works out at just over 70%.
At the time, the then-new BMW R1200GS cost £9215. Taking inflation into account, that’s the equivalent of just under £16,000 now. And what does a brand-new BMW R1300GS cost? Yep, £15,990. So, the price has risen in line with inflation – but because earnings haven’t kept up, it’s about £1000 more expensive in real 2024 terms when compared with average incomes.
In 2004, a litre of unleaded averaged 80.25p so…