May 15 2018, 2:00 PMMay 16 2018, 11:49 AMMay 15 2018, 2:00 PMMay 16 2018, 11:49 AM
Average UK earnings rose 2.9% in Q1, outstripping consumer-price inflation – at 4.2% – for the first time in more than 12 months, according to the Office of National Statistics. Wages rose is response to a tightening labour market as unemployment hit a 43-year low of 2.7%. While inflation is set to continue falling, the Bank of England warned little slack remains in the economy and increasing wages could see a corresponding jump in the cost of living.