Inflation

UK retailers write to the chancellor warning of the dire impact of the £7bn in extra costs they face next year as a result of the budget.

Wages are expected to increase at rates higher than inflation for the first time since before the pandemic, new data finds.

A 6.7% hike in the national living wage for 2025 has been confirmed ahead of the Budget, while the national minimum wage rises by 16.3%.

CPI inflation stood at 2.2% in the year to August 2024, unchanged from July, but RPI fell 0.1 percentage points.

The rate of UK unemployment has dropped to 4.1% this quarter, data from the Office for National Statistics (ONS) has revealed.

The CPI, CPIH and RPI measures of inflation all increase in the 12 months to July 2024, to above the Bank of England target.

Unemployment has fallen unexpectedly while wage growth continues to slow, new figures from the Office for National Statistics have revealed.

Wage growth of permanent and part-time staff slowed in July and demand for workers steadied with the number of vacancies declining, new figures show.

Impact of April’s 9.8% increase to NLW continues to affect the median pay award, currently almost three percentage points above inflation.

Annual wage growth slows to 5.7% in the ONS July 2024 labour market statistics, the slowest rate since August 2022.

Almost nine in 10 employees are worried about paying for basic living costs, and four in 10 ‘live payday to payday’, according to new research.

Median basic pay award in the three months to the end of May 2024 increased slightly to 4.6%, according to Brightmine.

UK unemployment increased to highest rate in two and half years, according to ONS labour market figures released in June 2024.

Pay awards continue to run well above inflation in April 2024, but there are signs settlements are dropping.

'Real' wages grew by 2.1% in the 12 months to February 2024, faster than any time in the previous 16 years.