Figure likely to dictate rise in state pension triple lock, as workers face inflation squeeze fuelled by oil price risesBusiness live – latest updates Wage growth in the UK has slowed as workers come under pressure from a renewed cost of living squeeze fuelled by the Iran war, highlighting the challenge for the Bank of England as it prepares to set interest rates. Figures from the Office for National Statistics (ONS) show average growth in total earnings, including bonuses, eased to 3.9% in the three months to July, down from 4.1% in the three months to June, matching the forecasts of City economists.