UK Wage Growth Surges to Record High Amid Tight Labor Market and Rising Cost of Living

British employers agreed to the largest pay increases in nearly two decades, with wages rising 5.6% over the three months ending in April.
Private sector wages rose 5.8%, while public sector pay increased 5% over the same period.
The UK's minimum wage increased nearly 10% in April, influencing the rise in median pay.
The UK's jobless rate declined to 3.8% in the three months ending in April, indicating a tight labor market.
Rising wages and higher costs of essentials like food are fueling the highest inflation in decades, squeezing consumers.