The latest employment report from the OECD is a real eye-opener on the cost of living crisis and whether wage rises or profit rises have been the biggest contributor to the rise in inflation. On wages, the OECD finds that real wages have fallen an average 3.8% in the last year in the OECD. “Labour markets have pushed up nominal wages, but less so than inflation, leading to a fall in real wages in almost all industries and OECD countries.”