Latest figures from the ONS will likely have a significant effect on future decisions on interest rates
An economist has said a fall in wage growth is one of the 'largest potential barriers' to lowering interest rates ahead of the Bank of England's next decision.
This is down from 6 per cent in the three months prior and is also the lowest level of wage growth since the quarter to September 2022. Despite this, regular earnings went up by 3.2 per cent - the highest level since the three months leading to August 2021 - when taking into account the Consumer Prices Index inflation.
Liz McKeown, ONS director of economic statistics, said: “Earnings growth in cash terms, while remaining relatively strong, is showing signs of slowing again. However, with inflation falling, in real terms it is at its highest rate in over two-and-a-half years. A slight increase in in the number of workers on UK payrolls also saw a slight rise of 0.1 per cent month-on-month in June, bringing the total figure up 16,000 to a total of 30.4 million.
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