Business News Asia
England’s Office of National Statistics has announced that real wages and salaries fell at an unprecedented rate between April and June.
According to the report, real wages, which reflect rising commodity prices, fell 3% year-on-year in the April-June period.
Household incomes have been squeezed in recent months by rising energy prices and higher food and fuel costs.
The rise in commodity prices drove inflation in England to 9.4%, which is a warning of a recession.