Throughout 2008, pay awards have been worth much less than the increase in prices as measured by the retail prices index (RPI) inflation. However, with the ONS reporting that RPI fell to 4.2% in October 2008 (subscription required), pay awards are currently running at 0.4 percentage points less than inflation - down from the peak of 1.5 percentage points recorded last month.

As RPI continues to fall, this trend should continue, and we may see pay rises worth more than inflation as we head into the busy new year bargaining round.

• If your organisation has recently settled its annual pay award, and you would like to contribute to our monthly analysis of pay trends, you can submit details of your organisation's latest settlement for inclusion in the IRS pay databank by completing the online form. All online survey participants will receive a free copy of our next monthly analysis of pay awards.