The latest survey from EEF/JAM revealed that manufacturing pay deals are holding steady.
In the three months through February, they were at 2.3% on average, the same figure as in the three months through January.
Nearly 90% of settlements in the sector were finalised at 3% or less.
Lee Hopley, EEF chief economist, said: “The main bargaining period for manufacturing companies is passing with no evidence of pay pressures despite the increase in the cost of living. These figures continue to suggest a cautious outlook for many companies who are bearing down on their internal costs, particularly those that continue to operate pay freezes,”