Gin just got way more expensive

gin and tonic in high ball

Your favourite tipple just got a little bit pricier (unless you're a Craft Gin Club member - there's no rise in Gin of the Month costs!).

In his announcement on Wednesday, Chancellor Phillip Hammond announced a price hike for alcoholic beverages - including beer, cider, wine and - sadly - gin.

The inflation rate is set at 3.9%, and the Wine and Spirits Trade Association (WTSA) have calculated just how much this is going to cost us juniper lovers. The duty on a 70cl bottle of gin will rise by a whopping 30p, compared to 8p for a 750ml bottle of wine and just 2p for a pint of beer.

This means getting a hold of your favourite bottle of gin is due to be 30p more expensive (43p if you're purchasing 1-litre sized bottles) - and this isn't including the further 20% added by VAT. 

This is the first time in 25 years that alcohol prices have been increased - the last time being in 1992 by Norman Lamont. The price rises probably won't have grievous consequences, but consumers and businesses alike will definitely feel strong effects from the change.

Here's a breakdown of how else consumers will be effected:

Graphic from The Sun

Graphic from The Sun