Wages Continue to Outstrip Inflation 2020

Published: 03/03/2020

The latest data from the ONS (Office for National Statistics) indicates that at 3.2% wage growth continues to outpace inflation, positive news for household finances.

Average weekly pay (excluding bonuses) reached £512 in the three months to December. Adjusting for inflation (1.3%), this is the highest level since March 2008, pre the global economic crisis.

Although inflation has risen to a six-month high in January of 1.8%, this is still below the Bank of England's 2% target and below current wage growth. The latest inflation figure mean it is likely interest rates will be kept at 0.75%.

The rise in inflation is mainly due to the higher cost at the fuel pump, growth in house prices and the impact of no change in energy prices compared to a fall last year following the introduction of the energy price cap.

Willmotts are perfectly placed to advise on what is sought from Landlords in this respect, so to avail yourself of our in depth knowledge of this subject please contact:

William Taper | 020 8222 9945 | w.taper@willmotts.com