UK households are already paying the cost of Brexit due to higher prices, a new study has shown.

The average worker has had to spend more than £404, equivalent to more than a week’s wages, in the first year after the Brexit vote, according to a report by the Centre for Competitive Advantage in the Global Economy (CAGE).

The findings suggested the average household had to spend £7.74 more per week to afford the same purchases the year after the referendum.

Economics professor Dennis Novy, who contributed to the report, said: “It is clear that the average UK household is already paying the price for voting to leave the EU.

“The economic effects of leaving the EU will depend crucially on the outcome of the ongoing negotiations between the UK and the EU. But even before Brexit has actually taken place, the referendum shock of June 2016 has already had substantial economic costs for the typical household.”

Britain Before Brexit: Greater London Show all 16 1 /16 Britain Before Brexit: Greater London Britain Before Brexit: Greater London West Croydon A police van’s speed and siren bring people to shop windows, keen to watch the drama of the public space, curious to know if a crime has been committed and lining up like townsfolk in a western movie Richard Morgan/The Independent Britain Before Brexit: Greater London Trafalgar Square Morning light illuminates a typical scene outside the National Gallery. Everyone interacts with a phone, held in hands and gazed at, or held in the hands of others and posed for. The figure in the background is on another level, an exception, an anomaly Richard Morgan/The Independent Britain Before Brexit: Greater London East Croydon A dispute about shoplifting outside a store’s entrance, conducted in French, revolving around a gold watch Richard Morgan/The Independent Britain Before Brexit: Greater London Bank The Chinese flag hangs over the centre of British finance, its red blush bringing luck to the morning. St Paul’s Cathedral occupies the blue distance Richard Morgan/The Independent Britain Before Brexit: Greater London Bond Street Three pairs of legs and feet in different states, playing different roles in the heart of British commerce: one clothed, striding purposefully; another of white plastic, made to model and convince; the last barefoot, not standing Richard Morgan/The Independent Britain Before Brexit: Greater London Upton Park Plastic bags dress naked trees, only partially, flaying in the wind, torn and damp, leaving most of the branches exposed, like black cracks spreading across thin ice, across the tower block of civilisation Richard Morgan/The Independent Britain Before Brexit: Greater London Westminster A pro-Brexit protester walks past the Houses of Parliament and the anti-Brexit protesters camped opposite. Both have appropriated the Union Jack, claim to be acting in the national interest and to be patriotic. Caught in between are child and mother, who photographs the ‘home of democracy’, or herself Richard Morgan/The Independent Britain Before Brexit: Greater London Islington A new tube map is put up outside the station, hands reaching high, stretching upwards, as if in worship of the security camera, in awe of surveillance itself, one of London’s most valued currencies Richard Morgan/The Independent Britain Before Brexit: Greater London Tooting Broadway A huge bingo hall hidden away from the high street, populated sparsely by a few players. There’s so much concentration and focus. I can’t decide if they’re there to play, to win, to hide, to escape, or to kill time Richard Morgan/The Independent Britain Before Brexit: Greater London The Mall Horses are tourist attractions in certain parts of London, especially when they’re dressed in military regal attire and carrying a soldier or a guard. Tourists pose alongside them for selfies and generic holiday snaps, which when taken daily in their millions, re-enforce a global image of London as a hub of ceremonial pomp and ritual Richard Morgan/The Independent Britain Before Brexit: Greater London Tooting Bec An anonymous critique of an advert’s imagery, wheeling out the age-old distinction between lust and love, sex and companionship, surface and interior, shallowness and depth, superficial and real Richard Morgan/The Independent Britain Before Brexit: Greater London Wandsworth A declaration of the existence of community is damaged and broken. A sign portraying strength and solidarity looks weak and sad and lonely when it begins to crumble and fall apart Richard Morgan/The Independent Britain Before Brexit: Greater London Buckingham Palace I watch a lineup of paparazzi photographers outside the palace. They wait to pounce upon blacked out windows concealing guests to the Queen’s Christmas lunch. They appear bored and unenthusiastic, as if photography were for them but a chore that flashes light on celebrity faces Richard Morgan/The Independent Britain Before Brexit: Greater London St Paul’s The city is reflected by its values: a relentless list of imperative commands to become something else, some better version, upgraded; a message that says we need to acquire to improve; a hard-hitting reminder of your inadequacy and incompleteness Richard Morgan/The Independent Britain Before Brexit: Greater London Colliers Wood A laundrette on the peripheries, zone 3, where a man sits below another London – Piccadilly Circus – with its giddy movements and interactions, its colours and vibrancy, where life is shaken up and spun, as if in one of the washing machines below, rotating and loud, everything inside blurred Richard Morgan/The Independent Britain Before Brexit: Greater London Uxbridge A building site concealed with an image of what will be. A common way to cover up the messy process of (de)construction. The housing development claims to be affecting time and space, moving people into new places and better futures, fundamentally altering their existence Richard Morgan/The Independent

James Kirkup, director of the Social Market Foundation, said: “Some politicians argue that no-one voted to be poorer in the EU referendum.

“This study shows that whatever voters' intentions, voting to leave the EU has already made everyone poorer.”

Researchers tried to establish how much of the recent increase in inflation was caused directly by the Brexit vote.

Inflation rose from 0.4 per cent in June 2016, when the referendum took place, to 2.6 per cent in June 2017, largely driven by weakness in the pound, which was a result of the vote.