Real wage growth in the UK has been a negative figure for some months now and has been shown to be putting a strain on households' spending power, which risks damping an already limp rate of growth.
Investors will see this week if the gap between consumer price inflation (CPI) and annual average wage growth has grown further – evidence, perhaps that the Bank of England needs to start thinking about cooling price growth.
UK consumer prices and producer price inflation
The annual rate of inflation in the UK officially stands at 2.9%, data from August showed, and many economists believe that rising import costs, due to the weak pound, will push the rate higher in September.
Published on Tuesday, UK inflation data looks likely to show that rising producer prices are forcing manufacturers to raise their prices, while retailers are no longer able to absorb the rising costs of imported goods.
Anecdotal evidence of this was found last week in the British Retail Consortium's report on September like-for-like sales, which suggested the 1.9% growth that month was largely down to rising prices.
Analysts forecast a rise in CPI to 3% in September, rising 1 percentage point above the Bank of England's 2% target rate. A further 0.1 percentage point would require governor Mark Carney to write a letter of explanation to the chancellor of the exchequer.
"Our central case is that the letter will have to be written after the next inflation print rather than this one," says Sam Hill, senior UK economist at RBC Capital Markets.
Consumer price rises alone, however, don't adequately portray how UK economic growth is slowly being drained of momentum by slowing household spending.
UK average earnings and unemployment
On Wednesday, the Office for National Statistics publishes its monthly labour market report for August.
While few expect any further significant moves lower in the unemployment rate – consensus is for the rate to remain at 4.3% as in July – signs of a boost to earnings would be highly welcome.
In July, average annual earnings rose by 2.1%, up from June's 1.9%. With CPI standing at 2.9%, this means real wages shrank by 0.8%.
August's wage growth is not expected to move far. With many companies citing economic and political uncertainties linked to Brexit as reasons to keep a lid on costs, capital expenditure and wages are suffering a period of stagnation.
"With inflation set to stay noticeably above wage growth for at least the next few months, we suspect the consumer is unlikely to resume its position as a major growth driver," says James Smith, developed markets economist at ING.
China third-quarter gross domestic product (GDP)
China's GDP has expanded from its 6.7% low seen through much of 2016, but not by much. The nation's growth, at an annual rate of 6.9% in the second quarter, still appears stellar in comparison with most developed economies.