new inflation rates
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To the Secretary all Branches,
Council of Executive members,
Regional Councils and Regional Offices.
Tuesday 13th August 2013
New Inflation Rates
The Office for National Statistics has just published new inflation figures for the twelve months to July 2013.
The Retail Prices Index (RPI) stood at 3.1% for the year to July 2013, down from the 3.3% figure to June 2013.
The Consumer Prices Index (CPI) stood at 2.8% for the year to July 2013, down from the 2.9% figure to June 2013.
According to the ONS, the cost of recreation & culture, clothing & footwear as well as air fares (especially for long-haul flights) dropped.
The July RPI figure has specific significance for the transport sector. Under the current formula for next year’s train fares, regulated train fares will rise by an average of 4.1% (RPI + 1%).
RMT pay submissions will continue to emphasise that your financial commitments have increased at a greater rate than official inflation and that your living standards are undermined by this disparity.