Tuesday 14th February 2012
Head Office Circular No. NP/032/12
To the Secretary all Branches,
Council of Executive members,
Regional Councils and Regional Offices.
New Inflation Rates
The Office of National Statistics has just published new inflation figures for the twelve months to January 2012. The next release date will be the 20th March 2012.
The Retail Price Index (RPI) stood at 3.9% for the year to January 2012, down 0.9% from the 4.8% figure to December 2011.
The Consumer Price Index (CPI) stood at 3.6% for the year to January 2012, down 0.6% from the 4.2% figure to December 2011.
RPI has fallen to the lowest rate it has been since February 2010 when it stood at 3.7%. The largest downward pressures to the change in RPI annual inflation between December 2011 and January 2012 came from motoring expenditure, alcoholic drinks, food, and tobacco.
The largest downward pressures to the change in CPI in annual inflation between December 2011 and January 2012 came from fuels & lubricants, products bought in restaurants & cafes, tobacco, vehicle maintenance & repair, the purchase of new vehicles and alcoholic beverages. Annual CPI inflation has fallen by 1.2% since November 2011, the biggest fall over a period of two consecutive months since October and December 2008.
In pay submissions the RMT will continue to emphasise that your financial commitments have increased at a greater rate than inflation and that your living standards are undermined by the current rates of inflation.