Figures from the Office for National Statistics have shown that wage increase inflation (National Average Earnings Index NAEI) is still outstripping inflationary price rises i.e. Consumer Prices Index (CPI).
CPI currently stands at 6.7% pa for August 2023 with new figures for September due out tomorrow.(18th October 2023).
That said the Office for National Statistics has released figures for earnings/wage increases with:
Giving a weighted average of 7.8% pa.
Comment
CPI inflation is expected to remain flat or fall again tomorrow for September inflation figures given petrol/diesel price increases but food prices falling, and this will put added pressure on:
This is a difficult ‘juggling act for the Bank of England.