The UK labour market: May 2022 release from the Office for National Statistics shows that regular pay excluding bonuses grew by 4.2% in the first three months of this year, while total pay including bonuses grew by 7%.
However, when adjusted for inflation, regular wages in January to March 2022 fell 1.2% while pay including bonuses grew by just 1.4%.
Consumer prices index inflation in the year to March 2022 hit 7%. The retail prices index, which is no longer an official statistic but is still referenced by trade unions in pay negotiations, stood at 9%.
