Parents pay 58 per cent more than a decade ago, according to insurer LV=.
Education and childcare remain the biggest costs, with 76 per cent of parents reporting that they have been forced to make cutbacks to meet the financial demands of raising their offspring.
Of the three quarters of parents who are economising to cope with the increases, more than a quarter (27 per cent) say they are cutting back on essentials such as food, 68 per cent are buying cheaper goods and 56 per cent are using vouchers and discount codes.
The overall cost of raising a child is more than £4,000 up in just one year and £82,000 more than ten years ago, when the first annual Cost of a Child Report was published.
The cost of education, including uniforms, after school clubs and university costs but not private school fees, has rocketed from £32,593 to £72,832 per child in the last ten years – a 124 per cent increase.