Workers have started to feel the squeeze in their finances, after wage growth recently fell below inflation for the first time since 2014. In April 2017, inflation rose to 2.6% year-on-year, while three-month average wage growth was 2.1% over the same time period.

Inflation is the rate at which the cost of goods and services rises year-on-year. In order to be able to buy the same amount of goods, your salary must increase by at least the same level as inflation.