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Uk Wage Growth Unexpectedly Soars, Raising Risk of Higher Inflation

UK wage growth unexpectedly accelerated on April 18, adding to inflationary pressures that have worried the Bank of England.

Average UK earnings before bonuses rose 6.6% year-on-year in the three months to February, the same pace as in the previous quarter, which was also revised upwards.

Economists had expected UK wage growth to slow to 6.2%.

Policymakers, led by Bank of England Governor Bailey, had also expected wage growth to cool and ease inflation.