Pay calculator: How much pay rise do you need in Newcastle to keep up with UK inflation
Find the salary increase you would personally need to avoid incurring a loss due to inflation
Like everywhere else in the UK, people in Newcastle and the North East are facing financial hardship.
The cost of living is skyrocketing with inflation hitting a record high of 9% in April.
This means that the average price of goods that a typical Geordie consumer can buy now costs 9% more than 12 months ago.
So it’s a simple fact that if wages don’t go up, people will be worse off if they don’t drastically cut spending.
Analysis of Pay as You Earn (PAYE) data from the Office for National Statistics (ONS) by NationalWorld found that workers across all regions of the UK took a real pay cut in April compared to a year ago, with earnings around 3% lower on average after adjusting for inflation.
In some parts of the country, employees were losing up to £150 a month, with the average loss standing at £66.
Below is a calculator that allows users to enter their current monthly net salary and determine the level of price increase they would need to not incur a loss due to inflation.
NewcastleWorld recently spoke to downtown residents about the cost of living crisis and asked if they had been forced into cuts,
Pamela said: “Instead of going out and having takeout they will be held back.
“Don’t waste money on shopping and clothes too.”
Mandy said: “I’ll walk as much as I can. We have a car and we share it, but often I’ll walk if it’s within reach and think about getting in the car. Both for environmental reasons too .
“Everyone is more aware of everything, making sure things are turned off around the house.”
Ian said: “You keep an eye on things but at the moment it hasn’t affected us. I don’t doubt that.”