 Add that to the data showing incomes rising 3.9% in the year through June, meaning that for many, their paychecks are not being erased. Here's Marketplace's Mitchell Hartman. Inflation peaked at 9% a year in June 2022, blowing way past wages, which never grew by more than 6%. But by May of last year, real earnings, that's the purchasing power of wages after accounting for price increases, were gaining ground month after month.