Wages are forecast to grow by about 3.5 per cent, about half the rate of inflation.
Price increases are to accelerate in the coming months to levels not seen for four decades before peaking at 8.5 per cent by summer, a leading think-tank has said. In its latest outlook, the Economic and Social Research Institute today warned that inflation will continue to increase for months yet as the war in Ukraine exacerbates the increase in prices businesses and households were facing since last year.
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