Spending power squeeze worst for 20 yearson July 19, 2022 at 7:36 am

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Basic pay falls at fastest rate since records began in 2001 when rising prices are taken into account.

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Regular pay is falling at the fastest rate since records began when taking into account rising prices, the Office for National Statistics has said.

Between March and May, pay excluding bonuses was down 2.8% from a year earlier when adjusted for inflation, while pay including bonuses was down 0.9%, the ONS said.

Household budgets are being squeezed by rising food, fuel and energy costs.

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