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Inflation drives fastest fall in real pay on record


Silver
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Posted (edited)

Two years into Brexit, and most of us still have homes. And inflation is still under 20%. This is a great justification for Brexit, as "Remoaners" said it would damage our economy:

Pay fell at the sharpest pace on record between April and June, official figures show, as soaring inflation continued to weigh on earnings.

Wages - when taking into account rising prices - fell by 3% on the year, said the Office for National Statistics.

Household budgets are being hit by soaring energy bills as well as higher food and fuel costs.

The rise in prices has fuelled the UK inflation rate to a 40-year high and it is expected to rise further.

The ONS said growth in regular pay, excluding bonuses, was 4.7% in April to June 2022. This is the fastest growth in 15 years, excluding the pandemic.

UK wages fall at record rate as prices soar - BBC News

Edited by Silver
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  • The title was changed to Inflation drives fastest fall in real pay on record
 
Posted (edited)

As the UK has been marked out as suffering the worst inflation among the G7, it is worth pointing out there are many countries in the EU with similar inflation levels to us. 

They include Denmark, Ireland, the Netherlands and Spain at 10.7 per cent, although they can’t blame Brexit for their higher levels as some here still persist in doing.

What is clear, though, is that the UK – which hit the highest inflation rate for 40 years this week – is more exposed than countries such as France to higher prices because of more costly imports for energy and food.

https://www.thisismoney.co.uk/money/comment/article-11124485/MAGGIE-PAGANO-Think-Britains-got-bad-look-EU.html

The Estonians are seeing the biggest increases in the cost of living in the EU, with inflation running at 23.2 per cent. The cost of a kilo of raspberries has nearly doubled to €10.90 while petrol has hit a record high of €2 a litre.

Similar price hikes are being experienced in neighbouring Latvia and Lithuania, where inflation is 21.3 per cent and 20.9 per cent respectively. 

https://ec.europa.eu/eurostat/documents/2995521/14675415/2-18082022-AP-EN.pdf/03725c05-b76b-8faa-b9b9-2d867781e735?t=1660739117989

Edited by Eldorado
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Some U.S. cities are starting to have breathing room as once high gas prices have started to fall, helping to slow inflation.

Several cities like San Diego, which cooled down to 7.3% from 8.3% in inflation rates, saw a break in skyrocketing prices due to declines in gasoline and used-car prices while other areas of the Consumer Price Index remained elevated.

But not all cities have felt that relief. The Tampa, Florida metro saw double-digit inflation of 11.2% in June compared to 11.3% in May, according to reporting from Bloomberg. 

https://www.msn.com/en-us/money/realestate/why-does-tampa-have-the-highest-inflation-in-the-nation/ar-AA10Q9tl

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Posted (edited)
On 8/16/2022 at 8:39 AM, Silver said:

Two years into Brexit, and most of us still have homes. And inflation is still under 20%. This is a great justification for Brexit, as "Remoaners" said it would damage our economy:

Pay fell at the sharpest pace on record between April and June, official figures show, as soaring inflation continued to weigh on earnings.

Wages - when taking into account rising prices - fell by 3% on the year, said the Office for National Statistics.

Household budgets are being hit by soaring energy bills as well as higher food and fuel costs.

The rise in prices has fuelled the UK inflation rate to a 40-year high and it is expected to rise further.

The ONS said growth in regular pay, excluding bonuses, was 4.7% in April to June 2022. This is the fastest growth in 15 years, excluding the pandemic.

UK wages fall at record rate as prices soar - BBC News

Again, what have the current problems with Russian sanctions got to do with Brexit?

If Brexit was the cause then why are a lot of other countries having the same problem.

Edited by Cookie Monster
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1 hour ago, Cookie Monster said:

Again, what have the current problems with Russian sanctions got to do with Brexit?

If Brexit was the cause then why are a lot of other countries having the same problem.

To pretend the current crisis is due to Brexit is outright disingenuous.

As disingenuous as pretending Brexit isn't making it worse.

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