Inflation up by 0.1 percentage point, real wages down by 1%

RPI sent out to the great big spreadsheet in the sky.

The ONS has announced this month's inflation statistics:

The Consumer Prices Index (CPI) grew by 2.8% in the year to February 2013, up from 2.7% in January 2013. The change in the rate follows four consecutive months when it stood at 2.7%.

This is the first month without RPI as a headline statistic; following its decision to choose consistency over accuracy, RPI is no longer a designated "National Statistic". Its annual growth is still reported, however, and it has fallen from 3.3 to 3.2 per cent between January and February.

The new replacement for RPI, RPIJ (which is calculated using the same data but a different, and more accurate, formula), showed the same change, dropping 0.1 percentage point, to 2.6 per cent.

The ONS has introduced a second new measure of inflation, CPIH, which aims to include the housing costs of owner-occupiers – something historically lacking from the CPI. It's currently experimental, but with the housing costs weighted at 12 per cent of the total index, it could well show a more realistic measure of the cost of living for the average Briton.

For all of the last seven years, CPIH has actually been lower than CPI:

(The green line shows inflation in the cost of housing). That's a surprising statistic, but may come from the fact that the measure for the cost of owner occupied housing is "rental equivalence":

Rental equivalence uses the rent paid for an equivalent house as a proxy for the costs faced by an owner occupier. In other words this answers the question “how much would I have to pay in rent to live in a home like mine?” for an owner occupier.

Obviously, if you are paying rent, you are probably aware that it's not quite as simple as asserting that the value of owning a house is no more or less than paying rent on the same house. Nonetheless, valuing the monthly "cost" of living in a house you own is notoriously tricky, and this is one of the most accepted ways of doing so. It will be a measure that is worth keeping an eye on.

Of course, the most important measure to pair inflation with is wage growth. And there, the news remains unfortunate. Regular earnings grew just 1.3 per cent in the last year, meaning that real wages continue to shrink at an alarming rate. That's a trend which shows no sign of abating, and it is the biggest point in favour of the hard-money inflation hawks. We are all getting poorer, and have been for a while.

A house, probably owner occupied. Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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This is no time for a coup against a successful Labour leader

Don't blame Jeremy Corbyn for the Labour Party's crisis.

"The people who are sovereign in our party are the members," said John McDonnell this morning. As the coup against Jeremy Corbyn gains pace, the Shadow Chancellor has been talking a lot of sense. "It is time for people to come together to work in the interest of the country," he told Peston on Sunday, while emphasising that people will quickly lose trust in politics altogether if this internal squabbling continues. 

The Tory party is in complete disarray. Just days ago, the first Tory leader in 23 years to win a majority for his party was forced to resign from Government after just over a year in charge. We have some form of caretaker Government. Those who led the Brexit campaign now have no idea what to do. 

It is disappointing that a handful of Labour parliamentarians have decided to join in with the disintegration of British politics.

The Labour Party had the opportunity to keep its head while all about it lost theirs. It could have positioned itself as a credible alternative to a broken Government and a Tory party in chaos. Instead we have been left with a pathetic attempt to overturn the democratic will of the membership. 

But this has been coming for some time. In my opinion it has very little to do with the ramifications of the referendum result. Jeremy Corbyn was asked to do two things throughout the campaign: first, get Labour voters to side with Remain, and second, get young people to do the same.

Nearly seven in ten Labour supporters backed Remain. Young voters supported Remain by a 4:1 margin. This is about much more than an allegedly half-hearted referendum performance.

The Parliamentary Labour Party has failed to come to terms with Jeremy Corbyn’s emphatic victory. In September of last year he was elected with 59.5 per cent of the vote, some 170,000 ahead of his closest rival. It is a fact worth repeating. If another Labour leadership election were to be called I would expect Jeremy Corbyn to win by a similar margin.

In the recent local elections Jeremy managed to increase Labour’s share of the national vote on the 2015 general election. They said he would lose every by-election. He has won them emphatically. Time and time again Jeremy has exceeded expectation while also having to deal with an embittered wing within his own party.

This is no time for a leadership coup. I am dumbfounded by the attempt to remove Jeremy. The only thing that will come out of this attempted coup is another leadership election that Jeremy will win. Those opposed to him will then find themselves back at square one. Such moves only hurt Labour’s electoral chances. Labour could be offering an ambitious plan to the country concerning our current relationship with Europe, if opponents of Jeremy Corbyn hadn't decided to drop a nuke on the party.

This is a crisis Jeremy should take no responsibility for. The "bitterites" will try and they will fail. Corbyn may face a crisis of confidence. But it's the handful of rebel Labour MPs that have forced the party into a crisis of existence.

Liam Young is a commentator for the IndependentNew Statesman, Mirror and others.