UK: cost of living crisis continues


Michael Roberts Blog

The latest data on employment, earnings and prices in the UK confirm that the cost of living crisis continues, despite the claims of the Conservative-led coalition government.

By cost of living crisis, we mean that the average earnings of Britons are not rising as fast as prices in the shops, so that, on average, British households continue to suffer a fall in their standard of living (before we take into account net taxes and benefits).

The latest data for June 2014 showed an uptick in UK consumer price inflation (CPI) from 1.5% yoy in May to 1.9% yoy. This was mainly caused by a jump in food and clothing prices, which have been muted up to now. If the cost of housing is included, retail price inflation (RPI) rose from 2.4% yoy to 2.6%.

UK CPI

So inflation is still outstripping the rise in average earnings. That’s despite the improvement in UK…

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