Real pay — workers’ wages that take inflation into account — slumped by 2.8% between March and May compared to the same time last year, according to data released Tuesday by the Office for National Statistics.
That’s the fastest decline since the ONS began keeping records in 2001.
For months, rising global energy and commodity prices — worsened by Russia’s invasion of Ukraine — have helped stoke global inflation. The world’s fifth-largest economy has been one of the hardest hit among the world’s wealthiest nations.
UK consumer prices hit a 40-year high of 9.1% in May, the highest among the G7 leading economies — and is forecast to climb above 11% later this year despite a series of interest rate hikes.
And households are feeling the strain. Eye-watering energy and grocery bills have thrown Britons into the worst cost-of-living crisis in decades. The Bank of England predicts that disposable incomes will suffer their second biggest decline this year since records began in…