Regular salaries in the UK climb by 6.2%, faster than anticipated

According to official statistics released earlier today, regular wage growth in the United Kingdom slowed down at the end of the previous year for the first time in over a year. However, the slowdown was not as severe as most analysts had predicted.

In an attempt to determine how much inflation pressure is still there in the economy and if it is appropriate to lower interest rates after they reach their highest point since 2008, the Bank of England is keeping a close eye on pay growth.

When comparing the final three months of 2023 to the same time in the previous year, wages excluding bonuses increased by 6.2%.

According to Reuters surveyed economists, the Office for National Statistics measure of regular wages increased by 6.0% annually from October to December.

This most recent statistic showed a slowdown from the 6.7% increase that occurred in the three months leading up to November.

(Sources: investing.com, reuters.com)