Pay rises at fastest pace for over 20 years, but below inflationon January 17, 2023 at 8:29 am

Wages have grown at the fastest rate in over 20 years, but are still failing to keep up with rising prices.

Regular pay, which excludes bonuses, rose at an annual pace of 6.4% between September and November, official figures show.

It marks the fastest growth since 2000 excluding the pandemic, when people got big rises after returning to work from furlough.

However, when adjusted for rising prices, wages fell by 2.6%.

The cost of living is currently rising at its fastest rate in almost 40 years, largely due to the war in Ukraine.