Everything you need to know about the latest minimum wage changes
Basic pay excluding bonuses, and average weekly earnings, rose at an annual rate of 5.6% in the three months to November, the latest figures from the Office for National Statistics reveal.This was up from a rate of 5.2% in the previous month.The ONS said the rate of unemployment rose from 4.3% to 4.4%.They could suggest some employers were eager to hold onto staff by increasing their pay at a time when others were keen to cut costs.
Usually people measure inflation by comparing the cost of things today with how much they cost a year ago. The average increase in prices is known as the inflation rate.If inflation is too high or it moves around a lot, the Bank of England says it is hard for businesses to set the right prices and for people to plan their spending.
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