Inflation fell in July but remains well in excess of pay rises for the average British worker, leaving many households struggling with falling incomes.
The consumer price index (CPI) measure of the cost of living remained well above the Bank of England’s government-set target, at 2.8%, while the broader retail price index (RPI), the measure of inflation used to set rail fares, was 3.1%. This means rail passengers now face fare rises of more than 4% in the new year.
Official statistics showed the RPI, which is also used to set many pay deals, eased to 3.1% in July from 3.3% in June. Both measures far outstripped average pay growth
via The Guardian
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