On the surface real wages appear to be increasing faster than inflation for the first time in years
UK wages are outstripping inflation for the first time in nearly two years, according to official figures. The Office for National Statistics said that regular earnings rose by a near record 7.8% in the three months to August and were 0.7% higher with Consumer Prices Index inflation taken into account.
Chancellor Jeremy Hunt said: “It’s good news that inflation is falling and real wages are growing, so people have more money in their pockets. To keep this progress, we must stick to our plan to halve inflation.” “But ultimately the data suggests that with inflation still above six per cent, workers’ real wages have only grown by 1.1% on the year, and many in lower paying sectors like construction and retail are likely to have seen no growth at all. While vacancies remain above pre-pandemic levels at 998,000, today’s data indicates a 15 th consecutive fall, with 14 of 18 industry sectors showing a reduction in hiring.
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