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Retail prices

Retail price inflation edges down to 3.3%

In September, the Retail Prices Index (RPI) stood at 284.1 (January 1987=100) and the annual rate of inflation dipped to 3.3% from 3.5% in August.

Under the Consumer Prices Index Housing (CPIH), the annual rate of inflation in September edged down to 2.2% from 2.4%.

Meanwhile, the annual rate of inflation under Consumer Prices Index (CPI) was down to 2.4% from 2.7%. This is the rate used by the Bank of England as its inflation target.

Figures for October 2018 are due to be published on 14 November 2018.

Latest pay deals

2.5% pay increase in the three months to September 2018

The median increase in pay in the three months to August 2018 was 2.5%. The median increase in the lowest pay rate was higher at 2.8%

Figures for October 2018 are due to be published on 14 November 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 cut

In the year to August 2018, earnings for the whole economy, excluding bonuses, provisionally increased by 3.1% - down from the revised increase of 3.2% for July.

Growth in the August headline rate (the latest three-month average) for regular pay, excluding bonuses, was 3.1% against 2.9% the previous month, according to the Office for National Statistics.

Headline average earnings growth in manufacturing dipped to 2.3% from 2.4%, while for services growth was up to 3.1% from 2.8%.

In the private sector as a whole, growth was up to 3.1% from 3.0%.

In the public sector, excluding financial services, growth was up to 2.7% from 2.5%.

Figures for September 2018 are due to be published on 13 November 2018.

Unemployment

Unemployment down by 47,000 in the three months to August

In the three-month period ending August 2018, UK unemployment under the Labour Force Survey count fell by 47,000 to 1,363,000 from 1,411,000 for the previous three-month ending May 2018.

The fall in numbers was enough to 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 18,500 to 942,900 in September from the revised figure for August 2018 of 924,300.

The joblessness rate was steady at 2.6%.
 

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