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Pay and prices
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Retail prices

Retail price inflation steady at 3.3%

In October, the Retail Prices Index (RPI) stood at 284.5 (January 1987=100) and the annual rate of inflation was unchanged on the previous month at 3.3%.

Under the Consumer Prices Index Housing (CPIH), the annual rate of inflation in October was steady at 2.2%.

Meanwhile, the annual rate of inflation under Consumer Prices Index (CPI) was held at 2.4%. This is the rate used by the Bank of England as its inflation target.

Figures for November 2018 are due to be published on 19 December 2018.

Latest pay deals

2.8% pay increase in the three months to September 2018

The median increase in pay in the three months to September 2018 was 2.8%. The median increase in the lowest pay rate was higher at 3.5%

Figures for November 2018 are due to be published on 19 December 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 boost

In the year to October 2018, earnings for the whole economy, excluding bonuses, provisionally increased by 3.5% - up from the revised increase of 3.1% for September.

Growth in the October headline rate (the latest three-month average) for regular pay, excluding bonuses, was 3.3% against 3.2% the previous month, according to the Office for National Statistics.

Headline average earnings growth in manufacturing edged down to 2.2% from 2.3%, while for services it was up to 3.5% from 3.3%.

In the private sector as a whole, growth was up to 3.4% from 3.3%.

In the public sector, excluding financial services, growth was steady at 2.8%.

Figures for November 2018 are due to be released on 22 January 2019.

Unemployment

Unemployment increases by 20,000 in the threemonths to October

In the three-month period ending October 2018, UK unemployment under the Labour Force Survey count increased by 20,000 to 1,380,000 from 1,361,000 for the previous three-months ending July 2018.

The increase in numbers pushed the
unemployment rate up to 4.1% from 4.0%.

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 21,900 to 992,600 in November from the revised figure for October 2018 of 970,700.
The joblessness rate increased to 2.8% from 2.7%.

Figures for November 2018 (unemployment) and December 2018 (claimant count) are due out on 22 January 2019.
 

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