Growth in wages for workers in Britain slowed in the three months to the end of May but remained at levels that would normally be too high for the Bank of England to keep inflation at its 2% target. Average weekly earnings excluding bonuses - a key gauge of inflation pressure for the BoE as it considers whether to cut interest rates next month - grew by 5.7% in the three months to the end of May compared with a year earlier, official data showed.
Total earnings also grew by 5.7% over the period. Both readings were in line with the median forecasts in a Reuters poll of economists.
In the three months to April, regular pay rose by an annual 6.0% and total earnings were up by 5.9%. The BoE is due to make its next rates announcement in two weeks' time. After stronger-than-expected inflation data published on Wednesday, investors priced a roughly one-in-three chance of a first cut since 2020 on Aug. 1.
The Office for National Statistics also said on Thursday it was delaying the switch to a new version of its Labour Force Survey which had been due to take place in September.
(With inputs from agencies.)
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