Pay in real terms is falling at its fastest rate in over a decade as the squeeze on household spending power intensifies.
The Office for National Statistics said pay excluding bonuses fell by 2.2% between February and April, although the overall figure was still 0.4% higher in real terms due to some workers receiving large bonuses.
The update, which was published alongside a slightly higher jobless rate of 3.8% for the three months to April, comes as rampant inflation causes more pain for financial markets. Last night, the S&P 500 stood in bear market territory after falling almost 4%.
