The latest Office of National Statistics figures show wages having fallen by 3.1 percent on the year in the three months to December.
It is the biggest decrease in 14 years, and according to Swindon Labour this amounts to an average drop of £992.19 in the town.
Group leader Cllr Jim Robbins said: “Wages are tumbling, prices are rising, and families in Swindon need real support to help them get through the worst cost of living crisis in decades.
"They need a Government that is on their side, but instead all we get is chaos, incompetence and the highest tax burden in 70 years while public services collapse all around us.
“If Labour was in power today we would bring in a proper windfall tax on the outrageous profits of the energy giants to fund real help for families struggling with the cost of living crisis.
"That means preventing the energy price cap from rising again in April, help with insulation to bring down bills, and an end to the prepayment meter scandal."
Cllr Robbins added: “Labour has a plan to build a better Swindon and get our economy moving again - and with families in Swindon nearly £1,000 worse off and struggling to make ends meet after 13 years of Conservative failure, change can’t come a minute too soon.”
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