Inflation skyrockets to 7.8%

RPI is at 7.8%, and the “cost of living crisis” does not look like abating any time soon. Pay rises are getting bigger and increasing levels of industrial action may push them higher, but they are not keeping pace with prices. Payline, which records actual pay settlements, shows that earnings growth actually dropped slightly on the previous month, to 4.4% in January. Meanwhile, AWE shows 3.7% growth in regular pay for the whole economy in December with manufacturing (1.3%), construction (1%) and the public sector (2.5%) lagging behind. Finance and business services is keeping pace with inflation, at 7%. Retail wages dropped 0.3% to 3.5%.

https://www.ons.gov.uk/economy/inflationandpriceindices

https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours

www.lrd.org.uk/index.php?pagid=18