Netflix has raised prices for the second time in just over a year, taking the price of its most expensive subscription to almost £16 a month.

The streaming giant said prices for its basic and standard plans would rise by £1 a month, to £6.99 and £10.99 respectively.

The premium tier, which lets users watch on up to four devices at once and in ultra high-definition, will rise by £2 to £15.99 a month.

The rise comes as households grapple with rising inflation due to higher energy prices and supply shortages. Sky said last month it would increase TV, broadband and mobile bills.

Netflix has repeatedly raised prices in recent years, saying it will allow it to invest in new content, including in the UK where it has a major production operation.

It is the first time the company has raised the price of its cheapest tier, which allows users to watch on just one screen at a time, since launching in the UK in 2012.

“We have always been focused on providing our members both quality and clear value for their membership,” Netflix said.

“Our updated prices reflect the investment we have made in our service and catalogue, and will allow us to continue making the series, documentaries and films our members love as well as investing in talent and the creative industry.

“We offer a range of plans so members can choose a price that works best for them.”