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Inflation fall raises pay hopes

12:28 15 April 2014

Bank of England. Photot by Yui Mok/PA Wire

Bank of England. Photot by Yui Mok/PA Wire

Inflation fell for the sixth month in succession in March paving the way for an end to the prolonged squeeze on wages, official figures showed today.

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The Consumer Prices Index (CPI) rate dropped to a new four-year low of 1.6%, from 1.7% in February, according to the Office for National Statistics (ONS).

It comes a day ahead of separate ONS labour market statistics which are expected to show that regular pay is rising at a rate of 1.8%, up from 1.3%.

CPI has not been lower since October 2009, when it stood at 1.5%. The latest fall in inflation was widely expected by economists.

It is likely to herald an end to a six-year period when pay growth has been lagging behind the rise in the cost of living, effectively shrinking workers’ spending power.

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2 comments

  • I asked my newsagent whether he would accept GDP growth and inflation statistics for the EDP.He said he only cash would do.You try paying your bills with government statistics.No-one will take them.

    Report this comment

    Peter Watson

    Tuesday, April 15, 2014

  • There are lies, dammed lies, statistics and the ONS. Choose which one you believe.

    Report this comment

    "V"

    Tuesday, April 15, 2014

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