The exact percentage of wages increasing and what this means for your money
Wages are still rising for millions of workers in the UK.
Official figures released today by the Office for National Statistics (ONS) show basic pay is still growing.
Growth in regular wages, excluding bonuses, was 6.2% in the three months to December last year.
What it means for your money
The wage growth is good news for millions of workers who have battled high inflation in recent months.
While high wage growth can ease pressure on households, there is a risk of fueling inflation as companies pass these costs on to customers by raising the price of goods and services.
This would put additional pressure on household budgets at a time when energy prices are threatened by geopolitical tensions and rising demand as colder weather sets in.
Bank of England bosses have previously blamed rising wages for keeping inflation high.
Major banks use the BoE base rate to calculate the interest rates they offer to customers.
An increase means that the cost of borrowing, including loans, credit cards and mortgage repayments, becomes more expensive.
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