LONDON (Reuters) – Pay growth across British companies remains subdued and investment intentions among British services firms weakened further in the last quarter, a Bank of England survey of businesses showed on Wednesday.

The figures will be of interest to BoE officials who increasingly see an interest rate hike nearing if the economy and price pressures keep growing.

But the BoE’s quarterly report from its own regional representatives pointed to lacklustre wage growth, with pay settlements in British companies generally stuck between 2 percent and 3 percent.

The impact of past falls in sterling on consumer goods price inflation appeared to have reached its peak, the survey showed.