Wages are now rising faster than prices for the first time since October 2021
UK wages are outstripping inflation for the first time in nearly two years, according to the latest figures from the Office for National Statistics .
It will come as a relief to workers who have seen their pay packets eroded by sky high inflation for nearly two years. Wages are now surging by record levels seen outside of the pandemic-skewed era, with regular pay jumping by an upwardly revised high of 7.9% in the three months to July, according to the ONS.
But there was more mixed news on the wider employment sector, with provisional real-time figures estimating that UK workers on payrolls fell by 11,000 month-on-month to 30.1 million in September. The ONS also revised down its estimate for the previous month, to a fall of 8,000 payroll workers in August compared with July against the 1,000 decrease initially reported.
The Unite trade union said the rise in real wages will be “small respite” for many. Unite general secretary Sharon Graham said: “The real value of wages has been eroded over more than a decade.
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