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Retail prices

RPI inflation dips to 3.9%

In November, the Retail Prices Index (RPI) stood at 275.8 (January 1987=100) and the annual rate of inflation fell to 3.9% from 4.0%.

Under the Consumer Prices Index Housing (CPIH) – now the government's preferred measure of inflation – the annual inflation rate in November was unchanged at 2.8%.

The annual rate of inflation under Consumer Prices Index (CPI) was up to 3.1% from 3.0%

Figures for December 2017 are due to be published on 16 January 2018.

Latest pay deals

2.5% pay increase in the three months to November

The median increase in pay in the three months to Novemober was 2.5%. The median increase in the lowest pay rate was higher at 3.0%

Figures for December 2017 are due to be published on 16 January 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 up to 2.4%

In the year to October 2017, earnings growth for the whole economy (excluding bonuses) provisionally increased by 2.4% - up from the revised figure of 2.3% growth in September.

Growth in October’s headline rate (the latest three-month average) for regular pay, excluding bonuses, edged up to 2.3% from 2.2% the previous month, according to the Office for National Statistics.

Headline average earnings growth in manufacturing put on a spurt with a 2.1% annual increase in October against 1.5% the previous month, while for services growth was steady at 2.3%.

In the private sector as a whole, growth increased to 2.5% from 2.4%. In the public sector, excluding financial services, growth was up to 1.9% from 1.7% the previous month.

Figures for November 2017 are due to be published on 24 January 2018.

Unemployment

Unemployment falls by 26,000 in the three months to October

UK unemployment under the Labour Force Survey count fell by 26,000 to 1,429,000 in the three-month period August – October 2017 from 1,455,000 in the previous three-month period (May – July 2017).

However, the fall in numbers was not enough to affect the unemployment rate which remained at 4.3%.

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 rose by 5,900 in November to 817,500 from the revised October figure of 811,500.

The rise in numbers was not enough to affect the joblessness rate which remained at 2.3%.

Figures for November 2017 (unemployment) and December 2017 (claimant count) are due out on 24 January 2018.
 

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