New photo Real wage squeeze on hard-pressed Brits deepens with shock jump in inflation to hit six-month high of 2.7%

THE REAL wage squeeze on hard-pressed Brits deepened today with a shock jump in inflation which hit a six-month high of 2.7 per cent.

The ONS said rising prices for recreational goods, transport and clothing drove the increase, which was described as a “body blow to UK households” by economists.

The real wage squeeze on hard-pressed Brits deepened with a shock jump in inflation today

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They said the data’s upward move, which came as a surprise given experts predicted inflation would edge lower to 2.4 per cent, “means that we are all getting progressively poorer again”.

Instead figures show the Consumer Prices Index rose from the 2.5 per cent recorded in July, with one of the largest upward drivers being cultural services, meaning theatre-goes shelled out more for entertainment in August.

Transport services also rose by 4.6 per cent last month, driven by a 13.5 per cent hike in air fares and a 17.2 per cent rise in sea fares including international ferry routes.

Clothing also contributed to the upward move in August inflation, rising 3.3 per cent month-on-month, as shoppers hit the high street for autumn fashions.

The ONS said rising prices for recreational goods, transport and clothing drove the increase in the CPI figure

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The value of the pound jumped on the news, rising 0.4 per cent versus the dollar, and was also up against the euro.

It later slipped back though over concerns a Brexit deal will not be agreed at this week’s summit between EU leaders in Salzburg.

Speaking about today’s figures the ONS head of inflation Mike Hardie said: “Consumers paid more for theatre shows, sea fares and new season autumn clothing last month.

“However, mobile phone charges, and furniture and household goods had a downward effect on inflation.”

The data’s upward move, which came as a surprise given experts predicted inflation would edge lower to 2.4 per cent

PA Graphics

At the pumps, motorists were also facing higher fuel costs last month, with petrol up by 1.4p per litre on the month to 128.6p per litre.

Diesel also rose by 1.2p to 132.8p per litre, and prices for electricity, gas and other fuels were flat month-on-month.

Mr Hardie said: “UK house prices continued to grow but at their lowest annual rate for five years, driven again by a fall in London.

“The housing market saw strong growth in the North West, South West and West Midlands.”

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Emma-Lou Montgomery, associate director for Personal Investing at Fidelity International, said: “Today’s inflation figures are a body blow to UK households.

“The latest figures mean that wage growth including bonuses has once again fallen behind inflation and means that we are all getting progressively poorer again.”

And Labour shadow chancellor John McDonnell said: “These figures show that prices in Britain are again rising faster than pay for most workers.

“More than eight years of failed Conservative mismanagement of the economy means real wages today are lower than in 2010, and today’s figures show the squeeze is only worsening.”

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News Pictures Real wage squeeze on hard-pressed Brits deepens with shock jump in inflation to hit six-month high of 2.7%

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