Wednesday, April 21, 2010

Inflation Rates Circular March 2010

Dear Colleagues,

Inflation Rates Circular

The March rates of RPI and CPI were published by the Office for National Statistics on the 20th April 2010. The next publication date is the 18th May 2010.

The March 2010 retail prices index rate is 4.4%. This is up from 3.7% in February. There was significant upward pressure to the change in the RPI annual rate from housing. This was driven mainly by mortgage interest payments which rose by 0.7 per cent this year but fell by 6.3 per cent a year ago following February 2009’s half point decrease in the Bank rate. Within housing, there was also a large upward effect from house depreciation, which rose this year but fell a year ago.

The Government’s preferred measure of inflation, CPI, is at 3.4%, up from 3% in February.

In pay submissions the RMT will continue to emphasise that your financial commitments have increased at a much greater rate than inflation and your living standards have suffered as a result.

Yours sincerely,

Bob Crow
General Secretary

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