Some good news for Britain’s hard-pressed workers, who have been watching the value of the pound in their pocket shrink at an unprecedented rate, is to be found in the latest labour market data from the Office for National Statistics.
Until now, pay has been rising rapidly – but not by enough to overcome inflation, which remains stubbornly high.
But it seems workers have finally caught up with soaring prices. The ONS data shows that annual growth in regular pay (excluding bonuses) between May and July came in at 7.8 per cent, representing a rise in real, inflation-adjusted terms, for the first time in more than a year. The official rate of inflation (for July) stands at 6.8 per cent.
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