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UK wages are rising at a record pace. That makes higher interest rates more likely
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FILE - People walk along a street in a shopping district in central London, on Jan. 13, 2023. Wages in the U.K. are still rising at record highs, official figures showed Tuesday, July 11, 2023 as inflation remains stubbornly high. - photo by AP Photo/Kin Cheung, File
LONDON (AP) — Wages in the U.K. are rising at a record high rate amid stubbornly high inflation, official figures showed Tuesday, bolstering expectations that interest rates will increase again — to the worry of homeowners who are seeing their mortgage payments spike. The Office for National Statistics said wages, excluding bonuses, rose by 7.3% in the three months to May, matching the highest rate since records began in 2001. The private sector was the main driver behind the increase.