human
Schomberg et al don’t provide data on annual real wage growth for the end of 2016, although the ONS publishes such estimates, using the CPI as the deflator. These show a 1.4% increase for October to December 2016, and just 0.3% for December 2016 only. The CPI is unfortunately, a dysfunctional deflator for calculating real wage growth, virtually ignoring homeowership costs. Using the RPIJ as a deflator the October-to-December real growth rate was just 1.0%, and the December real growth rate just 0.1%. Even these growth rates are on the high side, as the RPIJ excludes stamp duty, which would have brought the inflation rate up.
gpt
{"moderation": ["safe"]}