Inflation is pushing up the cost of living, outpacing income growth Real wages in Britain, after accounting for inflation, have plunged by an annual 3% in the April to June period, data from the UK Office for National Statistics (ONS) released on Tuesday shows. “The real value of pay continues to fall. Excluding bonuses, it is still dropping faster than at any time since comparable records began in 2001,” Darren Morgan, ONS director of economic statistics, said, as cited by CNBC. According to the ONS, the average salary, excluding bonuses, grew by 4.7%. However, the cost of living has virtually erased the effect
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