Increase wages in United kingdom The Office for National Statistics (ONS) reported on Tuesday that the inflation rate reached 7.8% in the period from June to August, which is higher than the annual inflation rate, which in the eighth month of the year reached 6.7%.
It is the first time in nearly two years that the increase in workers’ wages has exceeded the rate of inflation, which last year soared and is well above the Bank of England’s target of 2% year-on-year.
“The good news is that inflation is falling and real wages are rising, so people have more money in their pockets.”Treasury Secretary Jeremy Hunt said.
“To maintain this progress, we must stick to our plan to cut inflation in half.”he added.
The Office for National Statistics plans to release the annual inflation rate for September and next week the UK unemployment rate.
The Bank of England decided last month to keep interest rates unchanged for the first time since November 2021, at 5.25%, ending a series of fourteen consecutive increases to control inflation.
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