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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Angela Rayner - from teenage mum to the woman who could unify Labour

Corbyn-supporting Rayner mentioned Tony Blair in her speech. 

For those at the Labour party conference feeling pessimistic this September, Angela Rayner’s speech on education may be a rare moment of hope. 

Not only did the shadow education secretary capitalise on one of the few issues uniting the party – opposition to grammar schools – and chart a return to left-wing policies, but she did so while paying tribute to the New Labour legacy. 

Rayner grew up on a Stockport council estate, raised by a mother who could not read nor write. She was, she reminded conference, someone who left school a no-hoper. 

"I left school at 16 pregnant and with no qualifications. Some may argue I was not a great role model for young people. The direction of my life was already set.

"But something happened. Labour's Sure Start centres gave me and my friends, and our children, the support we needed to grow and develop."

Rayner has shown complete loyalty to Jeremy Corbyn throughout the summer, taking two briefs in the depopulated shadow cabinet and speaking at his campaign events.

Nevertheless, as someone who practically benefited from Labour’s policies during its time in government, she is unapologetic about its legacy. She even mentioned the unmentionable, declaring: “Tony Blair talked about education, education, education. Theresa May wants segregation, segregation, segregation.”

As for Rayner's policies, a certain amount of realism underpins her rhetoric. She wants to bring back maintenance grants for low-income students, and the Educational Maintenance Allowance for those in further education. 

But she is not just offering a sop to the middle class. A new childcare taskforce will focus on early education, which she describes as “the most effective drivers of social mobility”. 

Rayner pledged to “put as much effort into expanding, technical, vocational education and meaningful apprenticeships, as we did with higher education”. She declared: "The snobbery about vocational education must end."

Tory critics have questioned the ability of a woman who left school at 16 to be an education secretary, Rayner acknowledged. “I may not have a degree - but I have a Masters in real life,” she said. It could have sounded trite, but her speech delivered the goods. Perhaps she will soon earn her PhD in political instincts too.