2 September, Monday, 2024
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HomeEconomyThe salaries outpacing inflation in 2023

The salaries outpacing inflation in 2023

A handful of job types have seen a healthy rise in pay as the cost of living squeeze continues

Wage growth has failed to keep pace with inflation this year, squeezing household budgets just as thousands face a looming mortgage crisis.

“Real wages” fell by 1.3pc between February and April, according to official statistics, as inflation wiped out a 7.2pc growth in salaries.

With inflation now at 7.9pc, workers are putting more pressure on employers to raise wages, or are switching jobs to keep pace with rising living costs.

In recent months Bank of England chief Andrew Bailey and Chancellor Jeremy Hunt have been united in calling for employers to show restraint when doling out pay rises, which threaten to make inflation worse. 

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