Brits Suffer Pay Cut As Inflation Outpaces Wage Growth
Despite a nominal year-on-year wage growth of at least 4 percent for each month in 2022, the real earnings of employees in the United Kingdom are decreasing due to Inflation, as data provided by the Office of National Statistics shows.
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As Statista's Mathias Brandt details below, the last time growth of real wages turned negative was from April to July 2020, when the first Covid-19-related lockdowns hit the UK’s economy.
After a relatively quick recovery, the growth rates of real earnings stayed positive for more than a year.
This held up until November 2021 when shortages of goods and growing inflation took a hold of the UK.
Since the Russian invasion of Ukraine in February of 2022, rising prices for energy and food products have only increased this trend.
All of which probably helps explain why UK's Misery Index is at its highest since 1992...
More information regarding the UK’s economy, on employees and salaries, companies, trade and investment in more than 44 different industries can be found in the UK Industries Reports by Statista.