Finweek quotes this post I wrote a couple of weeks ago on their blog Fintalk, and created this infographic based on an idea it generated.

 

Click here for bigger version.

What also needs to be taken into account with price comparisons over time is whether the size and quality of the product has remained constant over the period. A can of Coke has been reduced in size from 340ml to 330ml since 2002, there are now fewer chips in a packet of Lays, and milk is more heavily processed to prolong shelf life, and hence reduce costs, which makes it of poorer quality. Head and shoulders also recently reduced the size of its shampoo bottles to reduce costs.

This means consumers are paying more for less product, and as a result, the price inflation is more pronounced on certain items than this infographic shows.