The Retail Prices Index (RPI) rate, which is more reflective of Usdaw members’ experiences, dipped to 3.3%, while the Consumer Prices Index (CPI) rate also fell back to 2.3%. Mortgage interest rates remain at their highest in 15 years after the disastrous Truss budget, which also has an impact on rents.
 
Paddy Lillis – Usdaw general secretary says: “Even though the rate of price increases is slowing, inflation has rocketed under this Government. Since the 2019 general election, prices have increased by nearly a third, 31.1%, while average wages have increased by less than 25%. That is a year-on-year devaluation of workers’ incomes because of Tory mismanagement of the economy.
 
“Too many low-paid workers are struggling to make ends meet, as the cost of living crisis casts a long shadow. Inflation first went above the target rate in May 2021 and peaked in double figures for six months. Ongoing very high price increases, particularly on food items, leave too many workers struggling to make ends meet.
 
“Our members need lasting solutions with a new deal for workers. A new deal that tackles insecure employment and makes sure work provides the dignity of decent pay. Only Labour is pledged to deliver the new deal Usdaw has long campaigned for. We need a general election now, when voters will be considering whether they’re better off than before. The evidence very clearly says that the vast majority are not.”
 
Notes for editors:
 
Usdaw (Union of Shop, Distributive and Allied Workers) is one of the fastest growing unions in the TUC and the UK's fifth biggest trade union with around 360,000 members. Most Usdaw members work in the retail sector, but the union also has many members in transport, distribution, food manufacturing, chemical industry and other trades www.usdaw.org.uk
 
Labour’s New Deal for Working People: https://labour.org.uk/updates/stories/a-new-deal-for-working-people/
 
Office for National Statistics Inflation Bulletin - April 2024: https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/april2024
 
For Usdaw press releases visit: http://www.usdaw.org.uk/news and you can follow us on Twitter @UsdawUnion