 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. Some consumers tell us that their income gains have outpaced inflation.