Wages rise but can’t keep pace with inflation
By Sarah Wood | 14th February 2023
Pay has risen by its fastest rate in 20 years, according to the latest figures.
The Office for National Statistics (ONS) said pay, excluding bonuses, rose at an annual pace of 6.7% between October and December 2022, as reported by the BBC.
But the pay rises have failed to keep up with inflation, which is currently running at 10.5%. When adjusted, regular pay actually fell by 2.5%.
The gap between private and public sector pay continued - with private sector pay up by an average of 7.3% between October and December, compared to a 4.2% rise in the private sector.
The ONS said 843,000 working days were lost to strikes in December - the highest figure for 11 years.
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