In 2022, despite a 6.4% rise in the average salary to £33,449, a 9.1% inflation rate left salary growth 2.7% behind inflation.
In 2023, a 5.8% salary increase to £35,404 was still behind a 7.3% inflation rate, trailing inflation by 1.5%.
For 2024, a projected 3.5% inflation rate indicates the need for a £1,239 salary increase to £36,643 to match inflation growth.
Investing pay rise in a time of easing inflation can be beneficial; options like stock market or property investment typically demand large initial sums.
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