Real Wages In The Uk Continue To Fall And Vacancies Are Falling. Uk Food Inflation Hits Record Live Business Business
UK wages continue to lag behind inflation as the cost of living hit British workers over the summer. The latest UK labor market report, just out, shows that real pay is still falling, even as the unemployment rate hits a new near 50-year low. Average pay including bonuses rose 5.5% year-on-year in May-July, while basic pay excluding bonuses rose 5.2%, the Office for National Statistics said. While it’s quite high in nominal terms, the ONS says it’s one of the worst falls in real wages this century: Based on the CPIH measure of inflation, the ONS says: The increase in total and regular pay fell in real terms (adjusted for inflation) in the year May to July 2022, to 2....