The cost of everyday essentials has risen more than twice as fast as wages over the last Scottish Parliament, new analysis shows.

New research published by the non-partisan think tank Future Economy Scotland finds that median earnings in Scotland have increased by 31% since the last Scottish election in May 2021, before adjusting for inflation. Over the same period, however, the cost of many essential goods has far outstripped wage growth. 

The analysis finds that:

The list of products examined with the largest price rises is set out in the chart below.

While the price of many household essentials has soared, other goods – notably consumer electronics – have become cheaper. Since 2021, personal computers and mobile phones have fallen in price by around 25% and 10% respectively. 

 

Commenting on the research, Future Economy Scotland Co-Director Laurie Macfarlane, said:

 

“Polling shows the cost of living is a top concern among voters this election, and it’s obvious why. For the past five years, Scots have been squeezed by a pincer movement of weak wage growth on the one hand, and rising prices on the other.”

 

“Our analysis shows that the price of essentials like gas, beef and sugar have risen more than twice as fast as wages, while olive oil has risen nearly four times as fast. It’s little wonder voters are feeling the pinch. That computers and phones have become cheaper will be little consolation to those struggling to feed their kids and heat their homes.”

“While global factors have contributed to price rises, the Scottish Government is not powerless to act. After nearly two decades of flatlining living standards, more of the same simply won’t cut it. Political parties must move beyond empty rhetoric and put forward credible plans to raise wages and improve affordability. Scotland simply cannot afford another five years of stagnation.”

ENDS

 

NOTES TO EDITORS 

 

[1] All inflation data is taken from the ONS’s Consumer price inflation time series. Inflation refers to the UK Consumer Price Index including owner occupiers' housing costs (CPIH). Earnings refers to median earnings in Scotland, from the ONS’s Pay As You Earn (PAYE) Real Time Information (RTI), which is seasonally adjusted.

 

[2] The analysis calculates the percentage change of median earnings and the price index for a selection of CPIH items between May 2021, the start of the last parliament, and the latest available data, March 2026. 

 

[3] Future Economy Scotland is a non-partisan think tank that aims to create a new economy that is democratic, sustainable and just. The organisation does not have a formal stance on Scotland’s constitutional future, and is not aligned to any political party or any politician. The organisation is a not-for-profit company limited by guarantee operating with charitable principles. For more information, visit: www.futureeconomy.scot 

 

[4] To book an interview with a spokesperson, or for any other questions, please contact press@futureeconomy.scot or call 07909107890