MILLIONS of workers are facing a cut to pay as inflation eats into household earnings.
New figures released today by the Office for National Statistics (ONS) show that regular pay in real terms fell by 2.7%.
It’s slightly smaller decrease than the biggest ever drop in April to June of 3%, but it’s still one of the largest falls seen since records began in 2001.
Data from the ONS revealed inflation hit a 41-year high of 11.1% in October.
Prices are rising at a faster rate than pay, which means people’s incomes are squeezed.
It’s a pay cut in real terms as wages are going up, and they don’t match the rate of inflation – which means people are effectively worse off.
Advertisements