British workers’ incomes have been shrinking in real terms amid soaring inflation despite significant wage rises, official figures show.
According to the latest data released by the Office for National Statistics (ONS) on Sept. 13, the average total pay received by UK workers, including bonuses, grew by 5.5 percent in May to July 2022.
But with Consumer Prices Index (CPI) inflation taken into account, total pay fell by 3.6 percent in real terms year-on-year.
This is the largest fall in total pay since February to April 2009, when it fell by 4.5 percent.
According to the ONS, the average regular pay (excluding bonuses) rose by 5.2 percent from May to July 2022, but in real terms the actual pay fell by 3.9 percent owing to inflation….