In recent months, wages have failed to keep up with rising costs, meaning that millions of us have, in effect, had a pay cut. Are you one of them?
So what's behind this stall in wage growth? Economists say the key to increasing wages is productivity - a measure of workers' output.
It averages growth of 0.4% a year, well below the average of developed nations. One reason for that is the make-up of the UK economy. New equipment, including a spiral freezer that chills ice cream much more quickly, has tripled the amount they make every day. More ice cream per day means more ice cream for sale.
They say that while shocks, including the pandemic and energy price rises, have hurt investment everywhere, UK investment "has continued to underperform relative to other G7 countries".
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