Median basic pay deals in the three months to the end of July fell to 5.7% following six consecutive quarters at a record 6%, human resources publication and data provider XpertHR said.
Pay awards remained below the rate of inflation.
Sheila Attwood, senior content manager at XpertHR, said pay awards had likely hit their peak and expects the gap between pay deals and inflation to narrow.
However, official figures from the Office for National Statistics showed annual wage growth excluding bonuses rose to 7.8% in the three months to June, the highest in records going back to 2001.
XpertHR said median pay awards for the public sector stood at 5% in the year to July, up from 3.2% in the year before.
Persons:
Kevin Coombs, XpertHR, BoE, Sheila Attwood, Attwood, Suban Abdulla, Andy Bruce
Organizations:
REUTERS, Companies Bank of England, Bank of England, Office, National Statistics, Thomson
Locations:
Canary Wharf, London, Britain, XpertHR