The Wage Price Index (WPI) measures the change in the price of labor, unaffected by changes in the quality or quantity of work performed. It is a critical indicator of wage inflation within the economy, reflecting the pressure on businesses to increase pay. Central banks monitor this closely as rising wages often lead to higher consumer prices, potentially triggering interest rate adjustments.
The index is calculated using a Laspeyres-type index formula based on a quarterly survey of approximately 3,000 employers. It tracks hourly rates of pay for a fixed basket of job roles, excluding bonuses and commissions to focus on base price changes.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Aug 19, 2026 | 0.80 | 0.80 | 0.00 |
| May 13, 2026 | 0.80 | 0.80 | 0.00 |
| Feb 18, 2026 | 0.80 | 0.80 | 0.00 |
| Nov 19, 2025 | 0.80 | 0.80 | 0.00 |
| Aug 13, 2025 | 0.80 | 0.80 | 0.00 |
| May 14, 2025 | 0.90 | 0.80 | +0.10 |
| Feb 19, 2025 | 0.70 | 0.80 | -0.10 |
| Nov 13, 2024 | 0.80 | 0.90 | -0.10 |
| Aug 13, 2024 | 0.80 | 0.90 | -0.10 |
| May 15, 2024 | 0.80 | 0.90 | -0.10 |
| Feb 21, 2024 | 0.90 | 0.90 | 0.00 |
| Nov 15, 2023 | 1.30 | 1.30 | 0.00 |
| Aug 15, 2023 | 0.80 | 0.90 | -0.10 |
| May 17, 2023 | 0.80 | 0.90 | -0.10 |
| Feb 22, 2023 | 0.80 | 1.00 | -0.20 |
| Nov 16, 2022 | 1.00 | 0.90 | +0.10 |
| Aug 17, 2022 | 0.70 | 0.80 | -0.10 |
| May 18, 2022 | 0.70 | 0.80 | -0.10 |
| Feb 23, 2022 | 0.70 | 0.70 | 0.00 |
| Nov 17, 2021 | 0.60 | 0.50 | +0.10 |
