Workers’ pay packets are shrinking in relation to prices in a growing number of rich countries as the energy shock unleashed by the Iran war chokes off a nascent recovery in real wages.
The squeeze on consumers in the UK, US and elsewhere comes as they face sharp increases in prices for petrol and airfares triggered by the closure of the Strait of Hormuz.
US inflation jumped to an annual 3.8 per cent in April, while average hourly earnings increased by 3.6 per cent over the year, meaning that prices were rising faster than earnings for the first time in two years.
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