And many German firms are opting out of national wage deals and setting pay locally.

ECONOMIST: Growth and jobs

"Looking at the prospects for next year I think it's fair to say I'm more worried than other members that these sort of expectations may get built into the wage bargaining, price setting process, " Mr Weale said.

BBC: Petrol price hits record average 130p per litre

Weather-related work stoppages probably held down hiring and slowed wage growth in much of February, setting the stage for a surge in both job growth and wage growth this month.

FORBES: Stealth Stock Boom Set To Fly

The latest setting for minimum wage levels mirrors recommendations from the Low Pay Commission.

BBC: Minimum wage and VAT changes take effect

Economists have long disputed the broader impact of setting a minimum wage.

NPR: Obama, Business Groups Differ On Minimum Wage Plan

The law mandated a minimum 25-cent-per-hour wage, in addition to setting the maximum amount of hours most employees could work per week at 44.

FORBES: Minimum Wage: Good Cause Or Economic Pariah?

If workers and firms believe that the inflation target will be hit, then short-term inflationary shocks, such as the recent jolt to energy prices, will be absorbed rather than setting off a wage and price spiral.

ECONOMIST: Economics focus

The federal minimum-wage law has always served a symbolic purpose beyond setting a specific number.

CNN: What if there were no minimum wage?

And it probably wouldn't be good for our economy for a bunch of these jobs to come back because, frankly, there's no way that people could be getting paid a living wage on some of these jobs -- at least in order to be competitive in an international setting.

WHITEHOUSE: Online Town Hall

On the minimum wage, the government took great care to limit its potential cost in terms of jobs, for example by setting a lower rate for those aged under 22.

ECONOMIST: The economy