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Retail prices

Fall in retail price inflation

In July, the Retail Prices Index (RPI) stood at 281.7 (January 1987=100) and the annual rate of inflation decreased to 3.2% from 3.4% in June.

Under the Consumer Prices Index Housing (CPIH), the annual rate of inflation in July was steady at 2.3%.

Meanwhile, the annual rate of inflation under Consumer Prices Index (CPI) edged higher to 2.5% from 2.4%. This is the rate used by the Bank of England as its inflation target.

Figures for August 2018 are due to be published on 19 September 2018.

Latest pay deals

2.8% pay increase in the three months to July 2018

The median increase in pay in the three months to July 2018 was 2.8%. The median increase in the lowest pay rate was slightly higher at 2.9%

Figures for Au9 September 2018.

Pay deals are calculated from Payline database of over 2,000 pay and conditions settlements. graph of pay settlements and inflation

Average earnings

Earnings growth edges higher

In the year to June 2018, earnings for the whole economy, excluding bonuses, provisionally increased by 2.8% - up from the 2.7% increase for May.

Growth in the June headline rate (the latest three-month average) for regular pay, excluding bonuses, was 2.7% against 2.8% the previous month, according to the Office for National Statistics.

Headline average earnings growth in manufacturing was down to 2.3% from 2.5%, while for services growth was down to 2.6% from 2.7%.

In the private sector as a whole, growth was down to 2.8% from 2.9%.

In the public sector, excluding financial services, growth was steady at 2.3%.

Figures for July 2018 are due to be published on 11 September 2018.


Unemployment falls by 65,000 in the three months to June

In the three-month period ending June 2018, UK unemployment under the Labour Force Survey count fell by 65,000 to 1,360,000 from 1,425,000 in the previous three-month ending March 2018.

The fall in numbers cut the unemployment rate to 4.0% from 4.2%.

The Office for National Statistic's claimant count total includes people out of work and claiming Jobseeker's Allowance or Universal Credit.

Under this experimental statistic, the claimant count increased by 6,200 to 906,100 in July from the revised figure for June 2018 of 899,900.

The increase in numbers was not enough to affect the joblessness rate which remained at 2.5%.

Figures for July 2018 (unemployment) and August 2018 (claimant count) are due out on 11 September 2018.

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