The ONS data reveals wages rose by 7.2% in the three months to April, higher than expected and a figure that will weigh heavily in the Bank of England's calculations about the path of rates.Īdjusted for CPI inflation real wages - the spending power of the pound in your pocket - fell 2.3% demonstrating the challenge of the current inflationary environment. The latest snapshot of Britain's labour market reveals an economy still restrained by worker shortages with wage inflation driven to a new post-pandemic peak that, in turn, increases the likelihood of another interest rate increase next week. Analysis by Paul Kelso, business correspondent
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