The central bank's latest forecasts paint an interesting picture for wage dynamics over the next few years. They're expecting private-sector regular pay to climb 3.5% year-over-year by the end of 2025, which is pretty solid momentum. But here's the twist – that growth rate is projected to cool down to 3.2% by late 2026, dip further to 2.9% in Q4 2027, before ticking back up to 3.2% as we close out 2028.

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