Here are the latest inflation and labour market figures for FEBRUARY 2017 based on the Government Press Release on Consumer Prices Index and Regional Labour Market figures
Retail Prices Index (RPI) & Consumer Prices Index (CPI) figures represent % change over 12 months, the Government measure uses CPI
Consumer Prices Index (CPI) 2.3 % (+ 0.5% from last month) This is the highest since September 2013 and above the 2% target the Bank of England is charged with keeping inflation at.
Consumer Prices Index with housing (CPIH) 2.3 % (0.5% from last month)
Headline Inflation Rate (RPI All items) 3.2 % (+0.6% from last month)
Underlying Inflation Rate (RPIX excl mortgages) 3.5 % (+0.6% from last month)
NOTE: CPIH is now the preferred Government measure The Government is to make CPIH its main measure of inflation in its next data release, on 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
(See attached file: Latest Inflation March 2017.pdf)
. Go to the www.statistics.gov.uk for Regional Labour Statistics.
Consumer Prices Index (CPI) 2.3 % (+ 0.5% from last month) This is the highest since September 2013 and above the 2% target the Bank of England is charged with keeping inflation at.
Consumer Prices Index with housing (CPIH) 2.3 % (0.5% from last month)
Headline Inflation Rate (RPI All items) 3.2 % (+0.6% from last month)
Underlying Inflation Rate (RPIX excl mortgages) 3.5 % (+0.6% from last month)
NOTE: CPIH is now the preferred Government measure The Government is to make CPIH its main measure of inflation in its next data release, on 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
(See attached file: Latest Inflation March 2017.pdf)
. Go to the www.statistics.gov.uk for Regional Labour Statistics.
| latest_inflation_march_2017.pdf |
| key_figures_march_2017.pdf |
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