Cost of living crisis: Wages are falling more than ever before

Office workers walking across London Bridge on their way home from work during rush hour.

British workers saw their wages lag behind inflation at record levels (Image: Getty Images)

The wages of people living in the UK have fallen at an all-time high over the year Cost of Living Crisis.

Excluding bonuses, regular pay increased 4.7% in the three months ended June.

But it comes after CPI inflation hit a new 40-year record of 9.4%.

Adjusting for inflation, this means wages fell by 3% between April and June.

New numbers from the Office for National Statistics mark the biggest drop since records began in 2001.

Millions could lose more hard-earned money as CPI inflation is expected to peak later this year at around 11%.

Meanwhile, a dire new warning has been issued that an annual energy bill could reach £5,038 by early next year.

Data released by the ONS this morning also showed that the number of UK workers on payroll rose by 73,000 to 29.7 million between June and July.

ONS Director of Economic Statistics Darren Morgan said: “The number of people in work rose in the second quarter of 2022, while the overall unemployment rate and the rate of people not working or looking for a job were little changed.

“Meanwhile, the total number of hours worked per week appears to have stabilized slightly below pre-pandemic levels.

‘Layoffs are still at a very low level. Although the number of vacancies is still historically very high, it has fallen for the first time since summer 2020.’

This is breaking news, more coming soon… Check back soon for more updates.

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https://metro.co.uk/2022/08/16/cost-of-living-crisis-wages-fall-at-sharpest-rate-on-record-17189659/ Cost of living crisis: Wages are falling more than ever before

Justin Scacco

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