Living standards in UK fall for the first time since 2014

Despite another fall in unemployment and a rise in vacancies, inflation outstripped pay growth in February

Rising prices and stagnant wage growth have resulted in the first fall in living standards in two and a half years, according to official figures.

Labour market data from the Office for National Statistics showed that regular pay in the UK in February was 1.9% higher than a year earlier and is running below the 2.3% increase in prices.