The Bank of England's governor Andrew Bailey acknowledged on Wednesday that the UK's latest wage data showed quite a marked reduction but not as far as the rate-setters thought. Nonetheless, he noted that the policymakers are seeing signs of pay growth coming down.
Bailey also said that the latest inflation data is good news, showing more downward pressure on inflation than the BoE expected, which was also quite broad-based. However, he cautioned that the services inflation is not compatible with 2% inflation.
In addition, the BoE's chief pointed to early signs of a pick-up in the economic growth.
According to Bailey, this week's data does not really change the BoE's view from the February policy decision.