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mpc: 21 Overall earnings growth in January had risen by 0.9 percentage points, with a large contribution from bonuses; some of the rise probably reflected a shift in the timing of bonus payments from December and February to January. The growth rate of regular pay in the private sector had edged up, and the real cost of labour to employers for the economy as a whole had been rising a little faster than before. But faster productivity growth meant that unit labour cost growth had fallen slightly. The overall picture was consistent with the outlook at the time of the February Inflation Report.