Growth in wages has fallen more slowly than expected, strengthening the chances of the Bank of England postponing interest rate cuts until later in the year.
Regular pay growth for the three months to the end of February slowed to 6 per cent on an annual basis, from 6.1 per cent in the previous three months, data from the Office for National Statistics showed. City analysts had expected the rate to slip to 5.8 per cent.
Total pay, which includes bonuses, was unchanged at 5.6 per cent. The level of private sector earnings growth, which is watched closely by the Bank, fell to 6 per cent, the lowest figure since the three months to June 2022.
Liz McKeown, director of economic statistics at the statistics
