Wages overtake inflation for first time in nearly two years.
Wages overtake inflation for first time in nearly two years.
Average pay growth rose above inflation for the first time in almost two years, in a sign that the squeeze on living costs may be starting to ease as wages rose at an annual rate of 7.8% between June and August, figures show.
That was higher than average inflation over the same three months, which measures the rate at which prices rise.
Chancellor Jeremy Hunt, said: “It’s good news that inflation is falling and real wages are growing, so people have more money in their pockets.”
The Bank of England has been increasing interest rates in an attempt to curb inflation.
Source: Wages overtake inflation for first time in nearly two years – BBC News