Wages are finally growing faster than inflation for the first time in almost two years, official figures released have revealed, suggesting the cost of living crisis may be starting to ease.
Average regular earnings increased 7.8 per cent in the three months to August and lifted 0.7 per cent after taking Consumer Prices Index inflation into account, according to the Office for National Statistics.
This is the first time pay has overtaken price increases since October 2021, during the Covid-19 pandemic.
The Chancellor of Exchequer, 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.’
Content source – www.soundhealthandlastingwealth.com
