Economic Progress

Wages: Why are they not keeping up with inflation?

a woman working

Rising inflation is reducing the real wage value of workers. Image: Unsplash/ Dai KE

David Spencer
Professor of Economics and Political Economy, University of Leeds
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A chart showing growth in pay, inflation and unemployment (%)
Regular pay is net of things like overtime, bonuses and benefits insurance; CPI = consumer price inflation. Image: The Conversation/ONS

A chart showing total average real wage (£)
Y-axis is real average weekly wages (£) Image: The Conversation/IbisWorld

A deep-sea oil rig
Government is aiming to raise £5 billion with a windfall tax on oil and gas companies. Image: The Conversation/Mr.PK

Beyond GDP: read the full transcript here

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Economic ProgressFuture of WorkFuture of Work
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