The college, Unison and other unions are currently in discussions with the government and NHS Employers over the clause in the deal that should allow them to re-open talks on the deal - agreed in June - if the economy is judged to have worsened significantly.
According to latest figures, the Retail Price Index measure of inflation has risen to 5% and the Consumer Price Index is currently 4.4%. Both are now above the government's official target for inflation of 2%.
Unions are collating evidence on how inflation is affecting nurses to submit to the NHS pay review body which, if it agrees with the evidence, can recommend that ministers return to the negotiating table to improve the offer for the second two years of the deal, for 2009 and 2010.
‘The RCN's view is that the facts will speak for themselves and that there is a clear case for review,’ the college said in a statement.