New inflation figures published today (April 13) reveal that the CPI inflation rate has soared to 7 per cent in the year to March, according to the Office for National Statistics (ONS).
The latest jump in inflation – which is at its highest level in 30 years — is being mainly attributed to the skyrocketing cost of fuel, with inflation expected to continue to rise after the energy price cap was lifted on April 1.
A separate measure of inflation, RPI, which is thought to be more accurate as it includes housing costs, has surged to nearly 9 per cent. The latest figures exceed what many analysts had predicted, with the rising cost of food, furniture and restaurant prices also contributing to the inflation rise.
Earlier this week, a report from the ONS on pay showed the greatest fall in the value of real wages since June 2014. But Unite’s dozens of wins on higher wages shows how workers can fight for a ‘better share of the pie’.
Commenting, Unite general secretary Sharon Graham said, “The double whammy of soaring inflation and falling wages is creating an historic cost of living crisis for workers. The bankers and big business are trying to force workers to pay the price for the pandemic. The only way workers can fight for ‘a better share of the pie’ is by building union strength and the power of collective bargaining. It’s not complicated. Unite’s numerous recent wins on wages prove that.”
By UniteLive team