Wages grow at slowest pace since 2022

UK wages grew at their slowest rate in two years, between April and June. What does this mean for the economy?

City of London
(Image credit: Getty Images)

Wages are rising at their slowest pace since summer 2022, data from the Office for National Statistics showed, indicating inflation might be slowing as one of its biggest drivers gives up ground. 

Average pay excluding bonuses climbed 5.4% in the three months to June, falling from 5.7% on an annual basis between March and May. Annual wages including bonuses were 4.5%, down from 5.7% the month before and a higher drop than expected – though this was partly due to the data accounting for NHS bonuses from the year before. After inflation wages were up 1.6% including bonuses and 2.4% excluding bonuses. 

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Nic studied for a BA in journalism at Cardiff University, and has an MA in magazine journalism from City University. She has previously worked for MoneyWeek.