On Tuesday, the UK Office for National Statistics (ONS) reported that UK household incomes are declining at the fastest pace in more than a decade, as spiraling inflation surges past wage growth, and households find themselves unable to pay their bills.

According to labor market data, in real terms, total income growth, adjusted for inflation, fell by 3% from December 2022 to February 2023, as regular pay dropped by 2.3% over the same period. It marks the swiftest decline in regular pay since 2009, when average weekly wages fell 4.5%, according to the ONS report.

As the cost of living crisis in the UK gets worse, the rate at which wages are increasing is becoming a more closely watched metric.

In the year to October 2022, the prices of goods and services saw the swiftest rate of increase in forty years, according to the ONS. From January to February, annual inflation increased from 8.8% to 9.2%, and then it increased again to 10% in March, as the costs of fresh food soared, alonside non-alcoholic drinks, and energy costs. The increases in inflation in February and March were surprising, coming on the heels of three consecutive months of slowing price increases, as the overall rate remains at highs last seen thirty years ago.

As UK families struggle to pay their energy bills and afford food, workers in a variety of sectors have taken to launching massive strikes in recent months as they have disputed salary levels and also protested their working conditions.

In February, the number of workdays lost to striking workers hit 348,000, compared to the 210,000 lost in January.

The public and private sector strikes have been going on since last year, as workers have sought to acquire pay increases, as they have watched their wage values eaten away by the runaway inflation.