Average wages for UK employees grew by 7.3% in March to May compared with the same period a year earlier, equalling the highest level on record.
Total pay (including bonuses) was up 6.9% year-on-year, the Office for National Statistics (ONS) said.
Pay is still not increasing fast enough to keep up with rising prices, however. After taking inflation into account, total pay was down by 1.2% and and regular pay by 0.8%.
The Bank of England is concerned that strong wage growth will push up companies’ costs, leading them charge higher prices — further fuelling inflation.
The Consumer Prices Index measure of inflation currently stands at 8.7%, well above the central bank’s target of 2%.
Elsewhere, the ONS figures showed that the number of working days lost to strikes in May 2023 fell back to the lowest level in nearly a year, at 128,000.
