UK inflation hovers close to Bank of England target of 2%

Employers in the UK gave their staff their lowest pay rise since June 2022 in the three months to the end of August, offering an average increase of 4%, figures from human resources data firm BrightMine showed.

The figures are broadly in line with other surveys and official data showing wage growth continuing to slow after inflation returned to close to the Bank of England’s 2% target.

The annual increase in the three months to July was revised down to 4% from a previous estimate of 4.5%. The official figures showed average weekly earnings growth excluding bonuses was the slowest in more than two years