Inflation

What do the latest forecasts on economic growth and inflation mean for the labour market?

Median pay rise for autumn 2024 declined to 3.3%, according to Brightmine, as national insurance change begins to have an impact.

Labour market statistics released in January 2025 show that real wages increased by 3.4% year on year, their quickest pace since 2021.

As the year draws to a close, Zoe Woolacott reviews how pay awards have tracked throughout 2024 and compares them to previous years.

The UK rate of inflation has hit its highest level in eight months, rising to 2.6% in the year to November.

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.