Inflation in the year to March 2022 reached yet another 30-year high, with the consumer prices index (CPI) hitting 7%, prompting fresh fears that employees’ wages are not stretching far enough to cover the cost of living.
This is the highest 12-month inflation rate recorded by the Office for National Statistics since February 1992, when CPI was estimated to stand at 6.3%.
Gary Ashworth, founder of recruitment firm InterQuest Group, warned employers that staff would soon demand pay rises.
“People are being made to pay more for food, petrol and mortgages and will demand pay rises to cover the increase. Firms will then pass on price rises to customers and so the merry-go-round continues,” he said.
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