The exact pace at which wages are rising is revealed – and what it 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.

Regular wage growth, excluding bonuses, was 5.6% in the 12 months to January this year.

That was down from 6.2% in the three months to December last year.

Taking into account inflation, which measures how much prices rise, annual total wages rose 1.4%, providing a boost for workers.

The ONS also said that average weekly earnings in January were estimated at £672 for total earnings and £627 for regular earnings.

Liz McKeown, director of economic statistics at the ONS, said: “The recent recent trends in the labor market continue, with earnings, in cash terms, growing slower than recently, but real wages continue to rise thanks to lower inflation.”

Meanwhile, unemployment rose to 3.9% in the three months to January from 3.8% in the previous three months, the ONS said.

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