New Inflation rates for the year to January 2024

Head Office Circular No. NP/44/24

 

To all Branches and Regional Councils

 

14^th February 2024

 

Dear Colleagues

 

New Inflation rates for the year to January 2024

 

The Office for National Statistics (ONS) has published[1] inflation rates for the year to January 2024. The Retail Prices Index (RPI – All Items) was 4.9%, a decrease of 0.3% on the previous month’s figure. 

 

The alternative measures of CPI remained at 4% and CPIH also remained at 4.2% respectively. Inflationary pressure on food prices remained high at 7% (a decrease of 1.0% on the previous month).

 

Your union’s policy is to use the RPI rate in all pay negotiations. Should an employer attempt to use alternative inflation measures during pay talks, please inform the National Policy department as soon as possible.

 

I would be grateful if you could bring the content of this circular to the attention of all members in your Branch.

 

Yours sincerely

 

Michael Lynch

General Secretary