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Pay and prices
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Retail prices

Retail inflation down

In May, the Retail Prices Index (RPI) stood at 280.7 (January 1987=100) and the annual rate of inflation fell to 3.3% from 3.4% in April.

Under the Consumer Prices Index Housing (CPIH), the annual rate of inflation in May increased to 2.3% from 2.2% the previous month.

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

Figures for June 2018 are due to be published on 18 July 2018.

Latest pay deals

3.0% pay increase in the three months to May 2018

The median increase in pay in the three months to April 2018 was 3.0%. The median increase in the lowest pay rate was higher at 3.3%

Figures for May 2018 are due to be published on 18 July 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 slows

In the year to April 2018, earnings for the whole economy, excluding bonuses, provisionally increased by 2.5% against the 3.0% rise for March.

Growth in the April headline rate (the latest three-month average) for regular pay, excluding bonuses, was 2.8% against 2.9% the previous month, according to the Office for National Statistics.

Headline average earnings growth in manufacturing was unchanged at 2.7%, while for services growth was down to 2.7% from 2.8%.

In the private sector as a whole, growth was 2.9% in April against 3.0% the previous month, while in the public sector, excluding financial services, growth was unchanged at 2.5%.

Figures for May 2018 are due to be published on 17 July 2018


Unemployment

Unemployment falls by 38,000 in the three months to April

In the three-month period ending April 2018, UK unemployment under the Labour Force Survey count fell by 38,000 to 1,416,000 from 1,453,000 in the previous three-month ending January 2018.

The fall in numbers was enough to cut the unemployment rate to 4.2% 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 fell by 7,700 in May 2018 to 886,200 from the revised figure of 893,900 for April 2018.

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

Figures for May 2018 (unemployment) and June 2018 (claimant count) are due out on 17 July 2018.
 

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