The U.K.’s labor market cooled in the three months to April, offering reassurance to Bank of England policymakers despite the level still being well above that required to return inflation to target any time soon.

Average weekly earnings excluding bonuses rose 5.2% from a year earlier, down from 5.5% in the three months to March, the Office for National Statistics said Tuesday. The unemployment rate climbed to 4.6% in the period from 4.4% in the prior quarter, the highest since May-July 2021.