UK inflation has shown limited progress as the BoE welcomes easing jobs data. UK average earnings, however, remains a problem for the monetary policy committee
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Another concern for the BoE is the rate at which average earnings are increasing. The most recent data point places the 3-month average earnings at 8.5% YoY. With the bank signaling an interest rate pause at current levels, officials will be hoping to see further downward momentum in general prices. Some encouraging news has arrived via weaker jobs data, something the bank foresees as playing a part in bringing inflation towards the 2% target.
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