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RPI is key on pay.

Union and company pay negotiators were ignoring Government efforts to use the new measure of inflation during wage talks, according to a report out yesterday.

The Consumer Price Index (CPI), which excludes housing costs, was being sidelined in favour of the Retail Price Index (RPI), according to pay analysts Incomes Data Services.

Governments have tried for the past 20 years to steer negotiators away from the RPI, but union officials and managers have argued that mortgage and other housing costs were a key feature of the cost of living, said the report.

The CPI was running at 1.2pc in October compared with headline RPI of 3.3pc.
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Publication:The Journal (Newcastle, England)
Date:Nov 24, 2004
Words:108
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