Head Office Circular No. NP/0165/12
To the Secretary all Branches,
Council of Executive members,
Regional Councils and Regional Offices.
Tuesday 17th July 2012
New Inflation Rates
The Office of National Statistics has just published new inflation figures for the twelve months to June 2012. The inflation figures for the year to July 2012 will be published on 14th August.
The Retail Price Index (RPI) stood at 2.8% for the year to June 2012, down 0.3% from the 3.1% figure to May 2012.
The Consumer Price Index (CPI) stood at 2.4% for the year to May 2012, down 0.4% from the 2.8% figure to May 2012.
According to the ONS, the falls in the cost of food and non-alcoholic beverages exerted the most significant downward pressure on both rates of inflation between April and May. The cost of motor fuels also had a negative impact on the CPI rate.
RMT pay submissions will continue to emphasise that your financial commitments have increased at a greater rate than inflation and that your living standards are undermined by this disparity.