MILLIONS of workers are facing a cut to pay as runaway inflation eats into household earnings.
New figures released today by the Office for National Statistics (ONS) show that regular pay in real terms fell by 2.9% over the year.
This is one of the largest falls seen since records began in 2001.
Runaway inflation is overtaking pay packet hikes, which means people are facing a drop in income in real terms.
Inflation dropped slightly to 9.9% in August from 10.1%, but it is still close to a 40-year high.
A real terms pay cut means even if wages are going up, they don't match the rate of inflation – which means people are effectively worse off.
More to follow…Thesun.co.uk is your go to destination for the best celebrity news, football news, real-life stories, jaw-dropping pictures and must-see video.
For the latest news on this story keep checking back at Sun Online.
Download our fantastic, new and improved free App for the best ever Sun Online experience. For iPhone click here, for Android click here.
Like us on Facebook at www.facebook.com/thesun and follow us from our main Twitter account at @TheSun.
Most read in Money
I’m a bill expert on This Morning – my boiler trick could cut your energy bill
Kwasi Kwarteng announces new date to reveal plan to reduce massive debts
Four gadgets and appliances that mean you don’t have to turn heating on yet
Exact date most Brits turn on heating revealed – have you cranked yours up yet?
Source: Read Full Article