After six years, wages finally overtake inflation

According to the Office for National Statistics (ONS) after nearly six years of falling real wages, weekly earnings have finally edged above inflation.

Weekly wages, including bonuses rose by 1.7% in the year to February, up from 1.4% in January.

Earlier this week, inflation measured by the Consumer Price Index (CPI) fell to 1.6%.

It is the first time that earnings have been higher than inflation for six years, apart from two months in 2010.

Other statistics from the ONS show how inflation has eroded the value of pay over the last six years.