The government of the United Kingdom on Tuesday announced that Inflation had reached a near four year high as it increased by 2.9%. New figures show workers’ wages are also beginning to shrink at a very fast pace.
Following the Brexit vote, the pound was weakened and imported goods prices had been pushed up including foreign package holidays, imported computer games and a long list of others.
Wages have struggled to keep pace and total earnings after inflation fell by 0.4%, this is the biggest drop since September 2014.
The labour market kept fighting as the unemployment rate remained unchanged at 4.6%5. Experts expect the unemployment t stay stable in the short term and would gradually rise to 5.1% by the end of 2018.
In light of this figures the British government has promised to adopt Brexit policies with the nation’s economic interests at heart.