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Pay growth slowing, but still above inflation

November 14, 2023

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Annual growth in regular pay excluding bonuses in Great Britain was 7.7% in July to September 2023, according to the Office for National Statistics. This was slightly down compared with previous periods, but was still among the highest annual growth rates since comparable records began in 2001.

In real terms, adjusted for inflation using the consumer prices index including housing costs (CIPH), regular pay grew by 1.3% compared with the same period in 2022.

Average pay including bonuses grew by 7.9%, driven mainly by one-off bonus payments made in the Civil Service in July and August. In real terms, employees saw their pay including bonuses rise by 1.4%.

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