The Retail Prices Index (RPI) rate, which is more reflective of Usdaw members’ experiences, dipped slightly to 4.3%, while the Consumer Prices Index (CPI) rate also saw a small decrease to 3.2%, but remained higher than economists’ forecasts.
Energy prices are still 70% higher than two years ago, food inflation is remains higher than the headline rate at 4%, petrol pump prices have been rising and mortgage interest rates are 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 above the target rate of 2%, showing that the Government has failed to tackle a cost of living crisis that has severely impacted working people for three years. Even though the rate of increase is slowing, prices are still continually going up. Too many families continue to 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 high price increases, particularly on food items, have left too many workers struggling to make ends meet. Food inflation is still above the target rate at 4%, 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 Labour Government now.”
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-newdealfor-working-people
Consumer price inflation, UK: March 2024: https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/march2024
For Usdaw press releases visit: http://www.usdaw.org.uk/news and you can follow us on Twitter
@UsdawUnion