Inflation is down to 2 per cent a year, while wages are rising by all of 0.9 per cent a year. So living standards are still being cut. But when necessities are counted over a realistic period, then the rate of inflation is far higher.
Total weekly average pay rose from £439 to £476 between March 2008 and October 2013 – 8.4 per cent over 5.5 years, while the overall Consumer Price Index rose by more than 20 per cent. ■