Salary calculator: how big a pay rise you need in Sheffield to keep up with UK inflation

Prices rose at their fastest rate for 40 years in April, with Consumer Prices Index inflation rising to nine per cent.

Tuesday, 24th May 2022, 4:21 pm

That was up from an already high seven per cent in March.

Read More

Read More
Sheffield cost of living: UK inflation rate increases to 9 per cent - the highes...

What is inflation?

Sign up to our Business newsletter

Prices rose at their fastest rate for 40 years in April, with Consumer Prices Index inflation rising to nine per cent. (Photo by Tolga Akmen / AFP) (Photo by TOLGA AKMEN/AFP via Getty Images)

Inflation is the term we use to describe the increase in prices over time.

How quickly those prices go up is called the rate of inflation.

What does a higher inflation rate mean for me?

What a higher inflation rate means for your personal finances depends on how much you earn.

You can use our salary calculator to figure out how much of a pay rise you’d need to keep up with inflation - and how much of a pay cut you’d be taking if you’re unable to get a pay rise.

Please note: the figures do not take account of increased National Insurance contributions in April 2022.

What does the inflation rate mean for someone earning £15,000 a year?

The monthly take home pay for someone earning £15,000 is £1,152.97.

This means that you’d need to earn £1,256.68 a month to keep up with the rate of inflation - or else see a pay cut of £103.68 a month.

What does the inflation rate mean for someone earning £20,000 a year?

The monthly take home pay for someone earning £20,000 is £1,431,10.

This means that you’d need to earn £1,559.67 a month to keep up with the rate of inflation - or else see a pay cut of £128.67 a month.

What does the inflation rate mean for someone earning £25,000 a year?

The monthly take home pay for someone earning £25,000 is £1,709.21.

This means that you’d need to earn £1,862.67 a month to keep up with the rate of inflation - or else see a pay cut of £153.67 a month.

What does the inflation rate mean for someone earning £30,000 a year?

The monthly take home pay for someone earning £30,000 is £1,987.34.

This means that you’d need to earn £2,165.67 a month to keep up with the rate of inflation - or else see a pay cut of £178.67 a month.

What does the inflation rate mean for someone earning £35,000 a year?

The monthly take home pay for someone earning £35,000 is £2,265.47.

This means that you’d need to earn £2,468.66 a month to keep up with the rate of inflation - or else see a pay cut of £203.66 a month.

What does the inflation rate mean for someone earning £40,000 a year?

The monthly take home pay for someone earning £40,000 is £2,543.58.

This means that you’d need to earn £2,772.75 a month to keep up with the rate of inflation - or else see a pay cut of £228.75 a month.

What does the inflation rate mean for someone earning £45,000 a year?

The monthly take home pay for someone earning £45,000 is £2,821.72.

This means that you’d need to earn £3,075.75 a month to keep up with the rate of inflation - or else see a pay cut of £253.75 a month.

What does the inflation rate mean for someone earning £50,000 a year?

The monthly take home pay for someone earning £50,000 is £3,099.85.

This means that you’d need to earn £3,378.75 a month to keep up with the rate of inflation - or else see a pay cut of £278.75 a month.