Reposted from Public & Commercial Services (PCS) website
Nothing we didn’t already know, despite the lies the tories try and feed us!
New cost of living figures – The Real Britain Index – reveal the real effect of pay cuts by looking at how inflation affects different income groups.
The index, which will be updated monthly, launched this week by the New Economics Foundation, will be published coincide with the Office for National Statistics inflation index. It shows the poorest in society are hit hardest by the spiralling cost of food, clothing, energy and housing. It also reveals civil servants on median pay face a true inflation rate of 2.36%, while the government’s preferred Consumer Prices Index was at 1.2% for September.
PCS is a sponsor, as is the TUCG and Unite.
The analysis shows official inflation figures have underestimated the decline in UK living standards:
◾True impact of inflation on poorest 50% understated by official measures
◾Richest receive “inflation bonus” because they spend less on essentials
◾Poorest in society see incomes after inflation fall by 14.5% in a single year
◾Return to rising incomes over last year for richest 10%.
The RBI website, created by the team behind the False Economy andMyDavidCameron websites, shows how official inflation figures mask the real impact of rising prices. It has already gained significant media interest this week in:
◾This is Money.
The index shows, for example, that since 2006, the UK’s poorest people have faced the biggest price rises:
◾Poorest 10% – prices up 32%
◾RBI average – prices up 28%
◾Richest 10% – prices up 27%
◾CPI – prices up 26%
◾Food prices up 40%
◾Housing prices up 15%
◾Energy prices up 73%.
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