Britain on Tuesday received another sign that inflation could painfully linger. The country braced, once again, for higher interest rates as bond yields climbed above the levels when Liz Truss was prime minister last year.Data showed that wage growth, a closely watched indicator for how deeply inflation is embedding in an economy, was rising in Britain at the fastest pace in at least two decades.Regular pay, which excludes bonuses, rose 7.2 percent in February to April, compared with the same period a year earlier, Britain’s Office for National Statistics said Tuesday. That’s the most since current records began, excluding during the pandemic, when furlough distorted labor market data.The agency also reported other signs that the labor market was strong, including rising employment, more people looking for jobs and a decline in the unemployment rate. While these indicators are normally desirable for people’s living standards, they now suggest growing inflationary pressures.Traders responded to the data by betting that the Bank of England would raise interest rates even higher.The labor market data was “almost unequivocally hawk …
