Private sector pay deals remain high

RPI has crept even higher this month at 14.2%, the highest it’s been for over 40 years. Meanwhile, the median pay rise achieved by unions over the last three months in the private sector is around 8%. Payline, which records actual pay settlements, shows single month earnings growth at 7.2% in October in the economy overall, although the higher public sector figure is likely somewhat distorted due to a shortage of settlements added over the last months. Average weekly earnings (AWE) survey data for September shows a 6% rise in regular pay across the economy, with the private sector ahead overall on 7% and the public sector lagging way behind on 1.9%.