The all-items Retail Prices Index rose to 1.2% per cent in the year to December 2015, up from 1.1% in the year to November. The main factor behind the modest rise in inflation is transport costs, particularly air fares but also, to a lesser extent, motor fuels. Air fares usually rise by around a fifth at this time of year. However this year they rose by almost a half, reflecting strong demand from consumers. Meanwhile petrol prices fell, but by less than a year ago, producing an upward pressure on inflation. Looking at downward effects, food prices continued to fall, but this was not sufficient to offset the upward effects from air fares and petrol. Continue reading Inflation to return to an upward trend?
Average weekly earnings rose by 2.4% in the whole economy in the year to October 2015, down from 3.0% in the year to September, according to figures released by the ONS on 16 December. Earnings growth in the private sector slipped back from 3.4% in September to 2.7% in October, in part because of lower pay growth in finance and business services. Meanwhile pay growth in the public sector rose slightly from 1.4% in September to 1.6% in October, but remains weak. Continue reading Earnings growth slips back to 2.4%
Average weekly earnings rose by 3.4% in the private sector in the year to September 2015, according to the latest figures from the ONS. This was down marginally on 3.5% in the year to August. Meanwhile, earnings growth in the public sector remains subdued, at 1.3%. Continue reading Private sector earnings growth rises by 3.4%
Alastair Hatchett, Visiting Fellow, University of Greenwich
Average weekly earnings grew by 3.0% in the year to August, up from 2.9% in the year to July, according to figures released by the ONS on 14 October 2015. The rate of growth in the private sector was 3.4%, compared to just 1.2% in the public sector. Continue reading Faster pay growth in retail lifts private sector earnings
The all-items Retail Prices Index fell to 0.8% per cent in the year to September 2015, having risen slightly in the year to August to 1.1%. (It was previously level at 1% for a number of months). The fall in inflation is due mainly to prices for clothing and footwear, petrol and gas. Continue reading Inflation remains low
Average weekly earnings across the whole economy grew by 2.9% in the year to July, as shown by the figures released by the ONS today. This year has seen higher earnings growth than in the previous five years, but the picture is varied. Overall, there is strong earnings growth in the private sector, running at 3.4% in July, compared with 2.2% in January.* However earning growth remains weak in the public sector, running at just 1.1% in July, down on 1.3% in January. Continue reading Earnings growth strengthens but not in manufacturing or the public sector