Inflation Remains At 4%, With Real Wages Increasing

The Office for National Statistics (ONS) have confirmed that inflation as measured by the Consumer Prices Index (CPI) remained unchanged at 4% in January 2024, with so-called 'core inflation' (which excludes food, energy, tobacco and alcohol) also remaining unchanged at 5.1%. The ONS also confirmed that regular pay (i.e. excluding bonuses) increased in real terms (i.e. adjusted for inflation) by 1.8%, with total pay (i.e. including bonuses) also rising in real terms, but by the smaller amount of 1.4%.