Today’s inflation figures show that, even on the Government’s preferred and lower CPI measure of inflation, prices are rising at above the 2% target rate.
The Retail Prices Index (RPI) rate, which is more reflective of Usdaw members’ experiences, dipped to 4.5%, while the Consumer Prices Index (CPI) rate also fell back to 3.4%. Food inflation is still high at 5%, petrol pump prices have been rising and 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: “Inflation is still well above the target rate of 2%, showing that the Government has completely failed to tackle a cost of living crisis that has impacted working people for nearly three years. Listening to Ministers crowing, you would think prices are falling, but they are not. Too many families still face significant price increases on everyday essentials.
“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. Food inflation is still more than double the target rate at 5%, which has a severe impact on low-paid 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 and a Labour Government to put the country back on track.”
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
Consumer price inflation, UK: February 2024: https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/february2024
For Usdaw press releases visit: http://www.usdaw.org.uk/news and you can follow us on Twitter @UsdawUnion