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Wages growth puts early rate cut in doubt
Evening Standard
|March 12, 2024
WAGES are still growing far faster than inflation putting the chances of an early interest rate cut at risk, latest official figures reveal today.
The Office for National Statistics (ONS) said regular wages rose at an annual rate of 6.1% in the November to January quarter, down only from 6.2% previously. The rate of increase was 5.6% if bonuses are included. After inflation is taken into account, pay went up in real terms by 1.8%, or 1.4% if bonuses are added.
While workers will welcome the boost to living standards, the only slow easing of wage growth will cause headaches at the Bank of England where the Monetary Policy Committee (MPC) will be looking for irrefutable evidence that pay pressure is being squeezed out of the labour market before cutting rates.
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