Here are the latest inflation and labour market figures for APRIL 2017 based on the Government Press Release on Consumer Prices Index (CPI) and Regional Labour Market figures
We note that average pay is still lagging behind inflation
Retail Prices Index (RPI) & Consumer Prices Index (CPI) figures represent % change over 12 months
Consumer Prices Index (CPI) 2.6 % (+0.4% change on last month)
Consumer Prices Index with housing (CPIH) 2.6 % (+ 0.3% change on last month)
Retail Prices Headline Inflation Rate (RPI All items) 3.5 % (+0.4% change on last month)
Underlying Inflation Rate (RPIX excl mortgages) 3.8 % (+0.4% change on last month)
NOTE: CPIH is now the preferred Government measure The Government has made CPIH its main measure of inflation since 21 March 2017. The CPI excludes housing costs, however, and as a result the ONS has been developing the CPIH, which includes a measure of housing costs based on rental equivalents. The CPIH uses the rent paid for equivalent housing as a proxy for the costs faced by owner occupiers. (This may impact any pay negotiations or pension schemes that specifically refer to CPI)
See attached <KEY FIGURES> file for current National Minimum/Living Wage Rates and the current GMB Contribution Rates as agreed by GMB Congress 2016
Retail Prices Index (RPI) & Consumer Prices Index (CPI) figures represent % change over 12 months
Consumer Prices Index (CPI) 2.6 % (+0.4% change on last month)
Consumer Prices Index with housing (CPIH) 2.6 % (+ 0.3% change on last month)
Retail Prices Headline Inflation Rate (RPI All items) 3.5 % (+0.4% change on last month)
Underlying Inflation Rate (RPIX excl mortgages) 3.8 % (+0.4% change on last month)
NOTE: CPIH is now the preferred Government measure The Government has made CPIH its main measure of inflation since 21 March 2017. The CPI excludes housing costs, however, and as a result the ONS has been developing the CPIH, which includes a measure of housing costs based on rental equivalents. The CPIH uses the rent paid for equivalent housing as a proxy for the costs faced by owner occupiers. (This may impact any pay negotiations or pension schemes that specifically refer to CPI)
See attached <KEY FIGURES> file for current National Minimum/Living Wage Rates and the current GMB Contribution Rates as agreed by GMB Congress 2016
| key_figures_may_2017.pdf |
| latest_inflation_may_2017.pdf |
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