• Chart: Americans Suffer Pay Cut as Inflation Outpaces Wage Growth | Statista

As the following chart shows, inflation has now been outpacing nominal wage growth for 14 months straight, meaning that Americans can afford less than they could a year ago, despite wages rising on paper. While average hourly earnings climbed 5.2 percent from $30.36 to $31.95 over the past 12 months, consumer prices soared 8.5 percent on a seasonally adjusted basis, resulting in a three percent decline in real hourly earnings.

As anyone who has ever taken a pay cut knows, there are few things more discouraging than putting in the same amount of work in for less money, which is why it’s understandable that inflation is at the very top of many Americans’ list of concerns.

• Chart: Americans Suffer Pay Cut as Inflation Outpaces Wage Growth | Statista