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UK wage inflation data came in cooler than market expectations, figures from the Office for National Statistics showed on Tuesday.
In the three months to August, annual growth in average total pay, excluding bonuses, was 7.8%.
This was in line with market consensus, as cited by FXStreet. The figure for the previous three-month period was revised upwards to 7.9% from 7.8%.
Including bonuses, average pay growth cooled to 8.1%, which undershot market expectations of 8.3%. It was 8.5% in the three months to July.
‘This total growth rate is affected by the NHS and civil service one-off payments made in June, July and August 2023,’ the ONS noted.
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