New Inflation rates for year to July 2023

Head Office Circular No. NP/145/23

 

To all Branches and Regional Councils

 

16^th August 2023

 

Dear Colleagues

 

New Inflation rates for year to July 2023

 

The Office for National Statistics (ONS) has published[1] inflation rates for the year to June 2023. The Retail Prices Index (RPI – All Items) was 9%, a fall of 1.7% on the previous month’s figure. 

 

The alternative measures of CPI and CPIH also fell, to 6.8% (down 1.1% on the previous month) and 6.4% (a 0.9% fall) respectively.

 

The falls in inflation are largely due to significant falls in gas, electricity and motor fuel prices. Food prices (12.7%) continue to be subject to extreme inflationary pressure. 

 

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