Inflation impact | Latest data paints bleak picture for UK wage growth

‘Real pay’ has dropped at the fastest rate on record, as inflation and the cost of living continue to soar, new figures show.

The latest data from the Office of National Statistics shows that between April and June 2022, when adjusted for rising prices, wages fell by three percent.

The rise in prices has seen the UK inflation rate rocket to a 40-year high, and this is only expected to keep rising.

The growth in regular pay, excluding bonuses, was 4.7% in April to June 2022. This is the fastest growth in 15 years (excluding during the pandemic). However, prices are rising even quicker, resulting in a fall in pay of about three percent.