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Story summary
- The Office for National Statistics reports UK pay growth slowed to 3.8%, lowest in over five years.
- Public sector wages grew 5.9% while private sector wages rose 3.3%, showing a wage split.
- The unemployment rate remains at 5.2%.
- Rising energy costs linked to the US-Israeli conflict may further impact inflation and wage growth.
- Analysts expect the Bank of England to hold rates amid these pressures, despite earlier talk of cuts.
