The most recent statistics have demonstrated the extreme weight of inflation that Britons are experiencing. Despite double-digit inflation, according to data from the Office for National Statistics (ONS), wages are still far behind.
Although wages have decreased in real terms over the past three months, according to a Daily Mail analysis, incomes have increased at close to record rates.
Pay increased overall over the three months by 6.4% in monetary terms, 7.2% in the private sector and 3.3% in the public sector.
The above-mentioned time period apparently experienced a wage decline of 3.9% when compared to the CPI, which is the largest decline since 2009. Regular pay also saw a 3.8 per cent fall.
Apart from this, unemployment in the country rose by 0.2 points. From 3.5 per cent in the previous quarter to 3.7 per cent. As per ONS, this was largely due to older people returning to work and younger ones joining the workforce.
However, the latest figures show that the number of people out of work for up to six months and those unemployed for a period between six to 12 months saw an increase. For the former, the numbers were driven by people aged 16 to 24 years.