The rate is below the Bank of England's inflation-risk threshold of 4.5%.

Consequently, inflation fears are unlikely to put pressure on the Bank to raise interest rates from 4%.

"Wage inflation is remarkably benign," said Lloyds TSB economist, Trevor Williams.

"There is no pressing reason for them to be looking to raise rates."

Some economists even predict a cut in interest rates this autumn.

Low inflation

Wages in the UK have risen at an annual rate below 4.5% since late last year when UK interest rates were at their lowest level since 1964.

Inflation fell to 1.5% in June, a fresh record, though it is expected to have risen slightly since to 1.8% in July. Historically, inflation remains low.

The Bloomberg survey was released ahead of a labour market report due on Wednesday.

Bloomberg predicted that unemployment stood at 3.2% in July after a rise in benefit claims.

Last week, the Bank of England reduced its inflation forecast, predicting that prices will rise slowly in the months ahead.