Yet again inflation has outpaced wages as figures realeased today by the Office for National Statistics show the Consumer Price Index at 2.7 per cent - unchanged from August.
Inflation has again outpaced wages as figures realeased today by the Office for National Statistics for September show the Consumer Price Index at 2.7 per cent – unchanged from August.
The figure is well above the government’s 2 per cent target – as well as above increases in average pay.
The Retail Price Index (RPI) also rose 3.2 per cent in September, down from 3.3 per cent in August.
Wages in the UK have seen one of the largest falls in the European Union during the economic downturn.
Hourly wages have fallen 5.5 per cent since mid-2010 once inflation is factored in. Average pay (excluding bonuses) rose by just 1.1 per cent over the three months to June 2013 compared to a year earlier.
The graph below shows CPI inflation since June 2009.
Commenting on today’s figures, Labour’s shadow economic secretary to the treasury Catherine McKinnell MP said that with prices still rising much faster than wages “the cost of living crisis under David Cameron continues”.
“After three damaging years of flatlining, working people are nearly £1,500 a year worse off under this Tory-led government,” she added.
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10 Responses to “Today’s inflation figures: most people still getting poorer”
Kevin Leonard
Coalition are on course to raise amount of borrowing to over £1.4 trillion not much of a reduction is it? Not until the ability to create money out of thin air by way of DEBT is removed from Bankers will any party have the means to curb the borrowing spiral. The whole economic system is broken but none of the mainstream parties are willing to tackle it the only rhetoric from ALL of them is that they had nothing to do with it it was the other side.
By buying into the lies told by all we the electorate are just as guilty and need to change the way we think and vote. At the moment there is no choice nor chance of democracy whilst bankers and corporations have control of the country.
Alex Braithwaite
Are you referring to the same Labour recession that affected the whole of Europe and America or did I miss something here?
Selohesra
You’re funny – you lefties salivating at the prospect of Osborne’s tripple dip – except it turned out the only recession was under Brown’s watch
Alex Braithwaite
So typical of you lot on the right, introduce fact into an argument and you resort to nonsense about lefties. Unlike you I have no idea what all lefties were obsessing over re double or triple dip but I think we can all be assured that the entire World is aware of the incompetent of Gideon Osborne.
Alex Braithwaite
So typical of you lot on the right, introduce fact into an argument and you resort to nonsense about lefties. Unlike you I have no idea what all lefties were obsessing over re double or triple dip but I think we can all be assured that the entire World is aware of the incompetent of Gideon Osborne.