Energy costs are a big issue. Inflation there was astronomical - as rail does not pay duty on diesel the impact of the rise in the wholesale price was very painful - it effectively doubled. Much was hedged - but much was not. However the wholesale price is now back to where it was at the start of 2022.
But, as we know, energy prices fed through to everything, particularly materials. Then we have rolling stock - leases are typically priced with RPI inflators.
And finally - all that new rolling stock is more expensive than what it replaced. It will be interesting to see how much the Anglia rolling stock lease bill has increased compared to 2019, whilst running essentially the same level of service.