Price Rises Outstripping Pay Rises Biggest in 10 Years
Published / Last Updated on 15/06/2022
The Office for National Statistics has released figures that confirm we are all getting poorer.
The gap between Consumer Prices Index (inflation) and the National Average Earnings Index (wages inflation) is at it widest for more than 10 years.
In plain English, prices going up much faster than pay rises. Most people will have less, if any, spare spendable income.
Wages growth is at its usual level of around 4.2% but prices inflation is climbing ever higher.
Comment
Inflation is what it is, with less spending power or spare income, spending will fall, indirectly, this will help reduce inflation over the coming year or two.