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Inflation begins to bite

Banknotes2Wage rises have failed to keep up with the increased cost of living.

Weekly earnings rose by 3.8% in the three months to November compared to the same period a year earlier, according to the Office for National Statistics.

However, this was a slowdown compared with the previous quarter, when wages rose by 4.3% and inflation rose to 5.1% in November, wiping out the effect of the increases.

The Bank of England expects inflation to increase further. 

For November, employees suffered a real terms pay cut of 1%: the first such fall since July 2020.