New Inflation rates for the year to October 2023

Head Office Circular No. NP/197/23

 

To all Branches and Regional Councils

 

15th November 2023

 

Dear Colleagues

 

New Inflation rates for the year to October 2023

 

The Office for National Statistics (ONS) has published[1] inflation rates for the year to October 2023The Retail Prices Index (RPI – All Items) was 6.1%, a decrease of 2.8% on the previous month’s figure. 

 

The alternative measures of CPI and CPIH also decreased to 4.6% (-2.1%) and 4.7% (-1.6%), respectively.

 

Despite these decreases, the ONS comments that the price of food has increased by nearly 30% in two years. 

 

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

20200518 Mick Lynch sig

Michael Lynch

General Secretary

 

 

[1] https://www.ons.gov.uk/economy/inflationandpriceindices