New Inflation rates for year to February 2023

Head Office Circular No. NP/058/23

 

To all Branches and Regional Councils

 

22^nd March 2023

 

Dear Colleagues

 

New Inflation rates for year to February 2023

 

The Office for National Statistics (ONS) has published[1] inflation rates for the year to February 2023. The Retail Prices Index (RPI) was 13.8%, a 0.4% increase on the previous month’s figure, largely the result of record inflationary pressures on food prices.

 

The alternative measures of CPI and CPIH also increased, to 10.4% (up 0.3% from January’s figure) and 9.2% (up 0.4%) respectively.

 

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

 

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