Salary calculator: how much pay rise do you need in Sheffield to keep up with inflation in the UK

That was up from the already high rate of seven percent in March.

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Cost of living in Sheffield: UK inflation rate rises to 9% – highest…

What is Inflation?

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Prices rose at their fastest pace in 40 years in April, with consumer price index inflation hitting 9%. (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.

The rate at which these prices increase is called the rate of inflation.

What does a higher inflation rate mean to me?

What a higher inflation rate means for your personal finances depends on your income.

You can use our pay calculator to work out how much pay rise you’d need to keep up with inflation – and how much pay cut you’d take if you couldn’t get a raise.

Please note: the figures do not take into account the increase in social security contributions in April 2022.

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

The monthly net salary for someone earning £15,000 is £1,152.97.

This means you would 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 rate of inflation mean for someone earning £20,000 a year?

The monthly net salary for someone earning £20,000 is £1,431.10.

This means you would 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 rate of inflation mean for someone earning £25,000 a year?

The monthly net salary for someone earning £25,000 is £1,709.21.

This means you would 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 rate of inflation mean for someone earning £30,000 a year?

The monthly net salary for someone earning £30,000 is £1,987.34.

This means you would 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 net salary for someone earning £35,000 is £2,265.47.

This means you would 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 rate of inflation mean for someone earning £40,000 a year?

The monthly net salary of someone earning £40,000 is £2,543.58.

This means you would 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 rate of inflation mean for someone earning £45,000 a year?

The monthly net salary of someone earning £45,000 is £2,821.72.

This means you would 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 rate of inflation mean for someone earning £50,000 a year?

The monthly net salary of someone earning £50,000 is £3,099.85.

This means you would 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.