Salary and Inflation

iwant2asave

Hello,

I have received a small salary increase this month for the year to Dec 2024 and I was wondering if there is a way to know how much of a real terms increase (or decrease) it is taking into account of inflation for the year to Dec 2024. 

As part of this question, which rate of inflation would be appropriate to consider.  Thanks,

lincroft1710

What percentage increase is it? Some salary increases are "cost of living" rather than meaningful extra money

iwant2asave

lincroft1710 said:

What percentage increase is it? Some salary increases are "cost of living" rather than meaningful extra money

It's a 3.25% increase.

lincroft1710

Although the predicted rate of inflation for 2024 is 2.5%, which may suggest you're "ahead of the game", this may not be the case.  It will obviously depend on what you spend your money on and the individual inflation. To take an extreme example, my dentist has put their charges up by 20%, so with 2 x checkups and 2 x hygienist visits a year, that's quite a big increase. My Council Tax increased by 5%.