UK private sector wage growth has slowed since the end of last year, according to official data that could give Bank of England policymakers grounds to hold off raising interest rates again at their May meeting.
Average wages in the private sector, excluding bonuses, were 6.9 per cent higher in the three months to February than a year earlier, down from growth of 7.3 per cent in the final quarter of 2022, Office for National Statistics figures released on Tuesday showed.
The unemployment rate edged up from 3.7 per cent to 3.8 per cent while the number of vacancies extended their decline.
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