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Retail prices

RPI inflation down to 4.0%

In January, the Retail Prices Index (RPI) stood at 276.0(January 1987=100) and the annual rate of inflation dipped from 4.1% to 4.0%.

Under the Consumer Prices Index Housing (CPIH), the annual inflation rate in January was steady at 2.7%.

The annual rate of inflation under Consumer Prices Index (CPI) was also unchanged but at 3.0%. This is the rate used by the Bank of England as its inflation target.

Figures for February 2018 are due to be published on 20 March 2018.

Latest pay deals

3.0% pay increase in the three months to January 2018

The median increase in pay in the three months to January 2018 was 3.0%. The median increase in the lowest pay rate was also 3.0%

Figures for February 2018 are due to be published on 20 March 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

In the year to December 2017, earnings for the whole economy (excluding bonuses) provisionally increased by 2.6% against a 2.3% rise in November.

Growth in December headline rate (the latest three-month average) for regular pay, excluding bonuses, edged up to 2.5% from 2.3% the previous month, according to the Office for National Statistics.

Headline average earnings growth in manufacturing was on the rise with a 2.7% annual increase in December against 2.4% the previous month, while for services growth edged up 2.4% from 2.3%.

In the private sector as a whole, growth was 2.6% against 2.5% in November, while in the public sector, excluding financial services, growth was 2.0% - up from 1.9%.

Figures for January 2018 are due to be published on 21 March 2018.


Unemployment increases by 46,000 in the three months to December

In the three-month period October December 2017, UK unemployment under the Labour Force Survey count increased by 46,000 to 1,470,000 from 1,425,000 in the previous three-month period (July September 2017).

The increase in numbers was enough to push the unemployment rate up to 4.4% from 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 decreased by 7,200 in January 2018 to 823,000 from the revised December 2017 figure of 830,100.

The fall in numbers helped cut the joblessness rate to 2.3% from 2.4%.

Figures for January 2018 (unemployment) and February 2018 (claimant count) are due out on 21 March 2018.

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