Sterling dipped on Wednesday after British wage data fell short of forecasts, failing to provide more evidence of a pick up in demand-led pressure on prices following a jump in inflation last month, Reuters reported. The debate over the strength of Britain's economic recovery, and the chances of the Bank of England raising interest rates before the end of the year, has moved on from employment to centre around inflation and wage growth. The pound hit an almost six-year high of $1.7192 on Tuesday after June numbers showed a sharp rise in inflation to 1.9 percent, within touching distance of the Bank of England's 2 percent target. But data on Wednesday showed total pay including bonuses rose an annual 0.3 percent in March-May, the weakest growth since the depths of the financial crisis five years ago and below a consensus forecast of 0.5 percent. The pound dipped after the numbers to a session low of $1.7113 and was last trading at $1.7130, down 0.1 percent on the day. It was slightly firmer against the euro at 79.05 pence per euro.
