Wages in the UK are growing with the fastest pace in a decade, Bloomberg reports.

Average earnings grew by 3,1% during three summer months. This is the highest growth since January 2009. Unemployment level is still the lowest in 43 years and is 4% now.

Even though wage gains are lower than in pre-crisis times, in current situation even small pickup in wages may stimulate inflation as companies will raise prices to protect profitability.

Bank of England raised interest rates in August. However, further increase is under question until UK’s exit from European Union in March next year.

Pound grew after data by 0,4% to $1,3197.

Wages are now growing faster than prices, and this helped ease pressure on households that had to cut expenditures due to rising inflation since referendum. In a whole, wage grew by 2,7% during this period, while inflation reached 2,5%.