UK wages grew at the slowest pace in over two years over the summer, a sign of easing inflationary pressures that keeps the Bank of England on track to cut interest rates again this year.
Average earnings excluding bonuses rose 4.9% in the three months through August from a year earlier, the Office for National Statistics said Tuesday. It was smallest increase since the second quarter of 2022 and in line with the median forecast in a Bloomberg survey of economists. Private-sector wage growth slowed to 4.8% from 5%.