Wages dive as inflation soars and recession looms

On the face of it, it sounds like good news – average wages rose by almost 5% between April and June.

But inflation has soared so high, so fast, the real value of pay packets actually fell by 3%.

Energy bills, higher food and fuel costs have pushed the UK inflation rate to a 40-year high, and tomorrow – it’s expected to leap even higher.

Put simply, any wage growth has been eaten up by the skyrocketing cost of living.