UK pay deals lose more steam as BoE discusses interest rates

Rising costs: Shoppers make their way to Stratford Station in London. UK inflation data due soon will likely show that price gains notched higher to 7% last month from 6.8% in July, according to the median of more than 30 estimates in a survey. — Bloomberg

LONDON: Pay deals awarded by United Kingdom employers lost more of their inflationary heat, according to data, which comes as the Bank of England (BoE) announces whether it is raising borrowing costs again to rein in price growth.

Increases in basic pay deals fell to a median 5% in the three months to the end of August, compared with the same period in 2022, human resources data provider XpertHR said.