Brits face historic squeeze on income as wages drop at fastest rate on record and food shop to soar by extra £500

0
20
A senior adult man sitting at a table or desk stacked with papers and envelopes looking down with his hands on his head.

BRITS are facing a historic squeeze on their incomes — with rocketing food bills and wages falling at the fastest rate on record.

Sky-high inflation means struggling workers saw their earnings effectively plummet.

Brits are facing a historic squeeze on their incomes — with rocketing food bills and wages falling at the fastest rate on record

The Office for National Statistics said between March and May, pay excluding bonuses was down 2.8 per cent from a year earlier when adjusted for inflation — the fastest fall since records began in 2001.

Meanwhile, the food shop will cost nearly £500 more this year as the cost of living crisis continues to bite.

Grocery prices are soaring by ten per cent with the cost of everyday items set to hit record highs.

Research group Kantar even warns food hikes could soar to 20 per cent with inflation climbing to levels not seen since the 2008 financial crash.

Grocery inflation hit 9.9 per cent in the four weeks to July 10, adding £454 to annual bills.

More Brits are now shopping at Aldi and Lidl.

Kantar head of retail and consumer insight Fraser McKevitt, said: “Over 67 per cent of people in Britain shopped in an Aldi or a Lidl in the past 12 weeks, with 1.4 million additional households visiting at least one of the discounters in the latest three months compared with last year.”

Money Saving Expert Martin Lewis said a “financial time-bomb” would explode in September and urged Tory candidates to act now.