REAL-TIME WAGES IN BRITAIN PLUMMET AS INFLATION SOARS

Wed 18 January 2023:

The most recent statistics have demonstrated the extreme weight of inflation that Britons are experiencing. Despite double-digit inflation, according to data from the Office for National Statistics (ONS), wages are still far behind.

According to a Daily Mail report, despite near-record wage growth, wages fell in real terms in the three months to November.

Pay rose by 6.4% in cash terms over the last three months, with the private sector up 7.2% and the public sector up 3.3%.

In comparison to the CPI, or Consumer Price Index, pay fell by 3.9% during the above- mentioned time period, the largest drop since 2009. Regular pay was also reduced by 3.8%.

Apart from this, unemployment in the country rose by 0.2 points. From 3.5 per cent in the previous quarter to 3.7 per cent. As per ONS, this was largely due to older people returning to work and younger ones joining the workforce.

However, the latest figures show that the number of people out of work for up to six months and those unemployed for a period between six to 12 months saw an increase. For the former, the numbers were driven by people aged 16 to 24 years.

However, there was a drop in the number of people out of a job for more than a year.

As per ONS director of economic statistics Darren Morgan, “Vacancies fell again, though remaining at very high levels, with the number of people looking for work broadly in line with the number of jobs being advertised”

“The real value of people’s pay continues to fall, with prices still rising faster than earnings. This remains amongst the fastest drops in regular earnings since records began,” he added.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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