Flashcard Definition
When an increase in wages doesn’t outstrip an increase in prices. Effectively a cut in the purchasing power of wages.
Block Type
Flashcard
Related content:
Average weekly earnings in Great Britain - Office for National Statistics
2. Main points for March to May 2022 Growth in average total pay (including bonuses) was 6.2%, and growth in regular pay (excluding bonuses) was 4.3% among employees in March to May 2022.
www.ons.gov.uk