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Income levels to rise next year, says CEBR

2012-09-23 00:27:36

UK households will see a rise in real income levels next year for the first time since the onset of the financial crisis, a study suggests.

Taking inflation into account, incomes are set to rise by 0.5% in 2013, according to the Centre for Economics and Business Research (CEBR).

But they will drop by 0.2% this year, the group said.

Households have struggled in recent years with low or no wage rises and relatively high inflation.

Falling inflation

Many people have seen wage freezes during the economic downturn, with inflation rising sharply between September 2009 and September 2011 to stand at 5.2%, as measured by the Consumer Prices Index.

Unemployment also rose sharply during the downturn, from 1.61 million in May 2008 to 2.59 million in July 2012.

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