Exact rate wages are rising revealed and what it means for your money – including pay rise and interest rate cuts

AVERAGE earnings in the UK have grown, fresh data shows.

Weeklyearnings, excluding bonuses reached 5.9% in December 2024 to February 2025,the Office for National Statistics has found.

The Office for National Statistics has published its labour market data

This is compared to the previous where wages excluding bonuses grew by 5.9% with areas like retail and construction seeing strong growth.

The Bank of England watches jobs and wages figures closely when making a decision aboutrates.

Last month, rate-setters voted to the base rate at 4.5%.

Lenders use the base rate to determine the offered to customers on savings and borrowing costs, including .

Today's figures come a few days ahead of March's inflation figures which will be released by the ONS on Wednesday.

Inflation in February after it was helped by a drop in woman's clothing.

But it still remained above the Bank of England's target of 2%.

is a measure of how much the prices of everyday goods such as food and clothes, and services such as train tickets and haircuts, have increased compared to a year earlier.