Inflation may be falling but “the squeeze on working people continues”, says McKinnell

Today, the Office of National Statistics (ONS) have released figures which show that during August of this year, the annual rate of inflation fell.

These latest stats show that the price of food and non-alcoholic drinks dropped by 1.1% – the largest fall in a decade.

Although this might sound like positive news, Catherine McKinnell Shadow Treasure Minister has highlighted that when rises in the rate of pay are so low, this doesn’t mean that life is getting any easier for working people when it comes to money. She explains:

“While this fall in the rate of inflation is welcome, the squeeze on working people continues.

The most recent figures show pay rising by a record low of just 0.6 per cent – less than half the rate of inflation. Wages after inflation have now fallen by over £1,600 a year under this Government.

Labour’s economic plan will tackle the cost-of-living crisis, make Britain better off and earn our way to higher living standards for all, not just a few.”