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Retail prices

Retail price inflation rate up 3.0%

In April, the Retail Prices Index (RPI) stood at 288.2 (January 1987=100) and the annual rate of inflation increased substantially to 3.0% from 2.4% the previous month. There were a number of factors behind the increase including big hikes in domestic gas and electricity prices and increases in petrol and the council tax.

Under the Consumer Prices Index Housing (CPIH), the annual rate of inflation in April was up to 2.0% from 1.8%.

Meanwhile, the annual rate of inflation under Consumer Prices Index (CPI) was up to 2.1% from 1.9%.

Figures for May 2019 are due to be published on 19 June 2019.

Latest pay deals

2.5% pay increase in the three months to March 2019

The median increase in pay in the three months to April 2019 was 2.5%. The median increase in the lowest pay rate was higher at 2.7%

Figures for May 2019 are due to be published on 19 June 2019.

Pay deals are calculated from Payline database of over 2,000 pay and conditions settlements. graph of pay settlements and inflation

Average earnings

Contraction in growth

In the year to March 2019, average weekly earnings for the whole economy, excluding bonuses, provisionally increased by 2.9% - down from revised increase of 3.2% for February.

Growth in the March headline rate (the latest three-month average) for regular pay, excluding bonuses, was 3.3% against 3.4% for February, according to the Office for National Statistics.

Headline average earnings growth in manufacturing edged up to 2.2% from 2.0%, but for services it was down to 3.4% from 3.5%.

In the private sector as a whole, growth edged down to 3.5% from 3.6%.

In the public sector, excluding financial services, growth dipped to 2.4% from 2.6%.

Figures for April 2019 are due to be published on 11 June 2019.


Unemployment

Unemployment down by 65,000

In the three-month period ending March 2019, UK unemployment under the Labour Force Survey count fell by 65,000 to 1,298,000 from 1,363,000 for the previous three-month period ending December 2018.

The fall in numbers was enough to cut the unemployment rate to 3.8% from the previous rate of 4.0%.

The Office for National Statistic's claimant count total includes people out of work and claiming Jobseeker's Allowance or Universal Credit.

In April 2019, under this experimental statistic, the claimant count increased by 24,700 to 1,085,200 from the revised figure for March of 1,060,500.

The joblessness rate was steady at 3.0%.

Figures for April 2019 (unemployment) and May 2019 (claimant count) are due out on 11 June 2019.
 

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