> While wages are currently growing at a relatively fast pace, high inflation is currently cancelling this growth out, leading to the negative growth in real terms throughout 2022 and early 2023. Although it is likely that UK inflation peaked in October 2022, at 11.1 percent it has yet to fall below double figures as of March 2023. Forecasts from the Spring 2023 budget predict that the annual UK inflation will average out at 6.1 percent in 2023, before falling to 0.9 percent in 2024. Falling wages is just one of the aspects of the current Cost of Living Crisis, which has led to the steepest fall in living standards in a generation
> While wages are currently growing at a relatively fast pace, high inflation is currently cancelling this growth out, leading to the negative growth in real terms throughout 2022 and early 2023. Although it is likely that UK inflation peaked in October 2022, at 11.1 percent it has yet to fall below double figures as of March 2023. Forecasts from the Spring 2023 budget predict that the annual UK inflation will average out at 6.1 percent in 2023, before falling to 0.9 percent in 2024. Falling wages is just one of the aspects of the current Cost of Living Crisis, which has led to the steepest fall in living standards in a generation