 The professional and scientific industry, which includes businesses covering areas such as legal services, management, engineering and scientific research, is the only one where pay growth has matched inflation in recent months.
Since late 2021, the prices of goods and services in the UK have been rising steeply, while average wages have grown at a slower pace. When this happens, people’s pay falls in real terms: they need a larger proportion of their wages to buy the same goods.
The retail, information and communication and finance industries also saw higher regular wage growth (excluding bonus pay) in recent years, but during 2022, growth fell behind inflation in all of them.
Industries with more public sector jobs, such as education and public administration, have seen some of the lowest pay growth in 2022, along with arts and recreation, mining, and power and water. Read more in the full article.
You can also use our calculator to see how inflation has affected the value of your pay compared with last year, and what increase would be necessary for your wages to keep pace with inflation.
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