Wages See Fastest Growth in Decades as Inflation Cools

Average earnings rose 7.8% annually from June to August 2023, the fastest rate since 2001.

Inflation is also cooling, meaning salaries are rising faster than prices for the first time since 2021.

Finance and business sectors saw the largest pay increases at 9.6% and 8.0% respectively.

Construction workers saw the lowest wage growth at 5.7% amid high interest rates.

Private sector wages rose 8.0% and public sector 6.8%, partially due to NHS and civil service bonus payments.