Wages left behind by inflation surge
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SOARING living costs pose a “serious challenge” to millions of households, experts have warned.
Inflation spiked last month – hitting a near four-year high – but firms continued to slash pay rises.
The toxic combination is hammering family budgets because it means a pay cut for workers in real terms.
Figures from the Office for National Statistics showed the Consumer Price Index measure of inflation jumped from 2.3 per cent in March to 2.7 per cent in April.
It outstripped average wage rises of 2.3 per cent in the year to February. Latest ONS pay data is out today. Inflation has been pushed up by the Brexit-hit pound, electricity price hikes and rising air fares.
Kay Daniel Neufeld, economist at the THE owners of Mr Kipling cakes have posted an exceedingly big drop in annual profits.
Premier Foods Centre for Economics and Business Research, said: “Rising prices pose a serious challenge to UK households.”
Lib Dem Shadow Business Secretary Susan Kramer added: “These worrying levels of inflation show the Brexit squeeze is hitting shopping baskets across the country.”
The GMB union warned that public sector workers were among those hit hardest by the pay squeeze.
General secretary Tim Roache said: “The public sector pay cap has to end. It’s completely untenable. The Prime Minister keeps paying lip service to helping working people, well there’s an easy way to do it.”
Air fares jumped 18.6 per cent monthon-month in April due to the timing of the Easter holidays.
The price of clothes also climbed to its highest level for six years. blamed rising costs caused by the weak pound as profits fell nearly 12 per cent to £74.2million in the year to April. Sales at the company dropped 1.4 per cent to £790.4million. Boss Gavin Darby said: “This financial year has been a challenging one.” Oil RSA RBS J Sainsbury SSE Severn Trent Serco Sports Direct Shell Sky Smith & Nephew Smith WH 613.5 263.2 269.7 1451.0 2393.0 122.2 303.0 2228.5 997.0 1332.0 1748.0 -1.0 +1.2 +3.0 +7.0 -36.0 +2.5 -1.6 +24.5 -0.5 +13.0 +7.0