"Inflation outstripped real wages for people who work for pay from others"

This quote by Tim Bishop is referring to the phenomenon of inflation outstripping genuine wages. Inflation is the general boost in costs of items and services in time, while genuine earnings are the incomes that individuals earn after taking inflation into account. This means that when inflation increases, the buying power of salaries reduces. This quote is suggesting that inflation has actually been increasing faster than genuine incomes, implying that individuals who work for pay from others are unable to stay up to date with the rising expense of living. This can lead to a decline in the requirement of living for those people, as they are not able to acquire the very same quantity of goods and services as they might previously. This can be a significant issue for those who are already residing on a tight budget plan, as they may not have the ability to afford the basic requirements.