The gap between earnings and inflation is showing little sign of closing. Real pay — the amount people take home adjusted for inflation — has fallen for the 15th successive month, data from the Office for National Statistics shows.
Regular pay, excluding bonuses, dropped by 2.3 per cent in the three months between December last year and February, with inflation remaining at double digits despite successive interest rate hikes. Simply put, wages are failing to keep up with price rises.
