A line chart showing the year-over-year progression of core CPI, services CPI, and private sector wages. Private sector wage growth spiked to above 8% in 2021, and growth of all three measures exceeded 5% from mid-2022 to the start of 2024. At their last readings early in the second quarter, private sector wage growth stood at 5.9%, as did services CPI growth, while core CPI growth moderated to 3.9%.