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class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">United Kingdom measure of inflation</div> <p> In the United Kingdom, the <b>Retail Prices Index</b> or <b>Retail Price Index</b><sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> (<b>RPI</b>) is a measure of <a href="/wiki/Inflation" title="Inflation">inflation</a> published monthly by the <a href="/wiki/Office_for_National_Statistics" title="Office for National Statistics">Office for National Statistics</a>. It measures the change in the cost of a <a href="/wiki/Representative_sample" class="mw-redirect" title="Representative sample">representative sample</a> of <a href="/wiki/Retail" title="Retail">retail</a> <a href="/wiki/Final_good" title="Final good">goods</a> and <a href="/wiki/Service_(economics)" title="Service (economics)">services</a>. </p><p>As the RPI was held not to meet international statistical standards, since 2013, the Office for National Statistics no longer classifies it as a "national statistic", emphasising the <a href="/wiki/Consumer_Price_Index_(United_Kingdom)" title="Consumer Price Index (United Kingdom)">Consumer Price Index</a> instead.<sup id="cite_ref-MoneyMarketing_2-0" class="reference"><a href="#cite_note-MoneyMarketing-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-National_Statistician_announces_outcome_of_consultation_on_RPI_3-0" class="reference"><a href="#cite_note-National_Statistician_announces_outcome_of_consultation_on_RPI-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> However, as of 2018, the <a href="/wiki/HM_Treasury" title="HM Treasury">UK Treasury</a> still uses the RPI measure of inflation for various index-linked tax rises.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Retail_Price_Index&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>RPI was first introduced in 1956,<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> replacing the previous Interim Index of Retail Prices that had been in use since June 1947. It was once the principal official measure of inflation. It has been superseded in that regard by the <a href="/wiki/Consumer_Price_Index_(United_Kingdom)" title="Consumer Price Index (United Kingdom)">Consumer Price Index</a> (CPI).<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-bbc_7-0" class="reference"><a href="#cite_note-bbc-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>The RPI is still used by the government as a base for various purposes, such as the amounts payable on index-linked securities, including <a href="/wiki/Gilt-edged_securities#Index-linked_gilts" title="Gilt-edged securities">index-linked gilts</a>, and social housing rent increases.<sup id="cite_ref-landlords_8-0" class="reference"><a href="#cite_note-landlords-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> Many employers also use it as a starting point in wage negotiation.<sup id="cite_ref-bbc-april2009_9-0" class="reference"><a href="#cite_note-bbc-april2009-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> Since 2003, it is no longer used by the government for the inflation target for the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>'s <a href="/wiki/Monetary_Policy_Committee_(United_Kingdom)" title="Monetary Policy Committee (United Kingdom)">Monetary Policy Committee</a><sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> nor, from April 2011, as the basis for the indexation of pensions of former public sector employees.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> As of 2016<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Retail_Price_Index&action=edit">[update]</a></sup>, the UK state pension is indexed by the highest of the increase in average earnings, CPI or 2.5% ("the triple lock").<sup id="cite_ref-hm-treasury.gov.uk_12-0" class="reference"><a href="#cite_note-hm-treasury.gov.uk-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>The highest annual inflation since the introduction of the RPI came in June 1975, with an increase in retail prices of 26.9% from a year earlier. By 1978, this had fallen to less than 10%, but it rose again towards 20% over the following two years before falling again. By 1982, it had fallen below 10% and a year later was down to 4%, remaining low for several years until approaching double figures again by 1990. Aided by a <a href="/wiki/Early_1990s_recession" title="Early 1990s recession">recession</a> in the early 1990s, increased interest rates brought inflation down again to an even lower level.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>From March to October 2009, the change in RPI measured over a 12-month period was negative, indicating an overall annual reduction in prices, for the first time since 1960.<sup id="cite_ref-bbc-april2009_9-1" class="reference"><a href="#cite_note-bbc-april2009-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> The change in RPI in the 12 months ending in April 2009, at −1.2%, was the lowest since the index started in 1948.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Housing_association" title="Housing association">Housing associations</a> lobbied the government to allow them to freeze rents at current levels rather than reduce them in line with the RPI, but the <a href="/wiki/HM_Treasury" title="HM Treasury">Treasury</a> concluded that rents should follow RPI down as far as −2% per annum, leading to savings in <a href="/wiki/Housing_benefit" class="mw-redirect" title="Housing benefit">housing benefit</a>.<sup id="cite_ref-landlords_8-1" class="reference"><a href="#cite_note-landlords-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>In February 2011, annual RPI inflation jumped to 5.1%<sup id="cite_ref-econ-2011-03-24_16-0" class="reference"><a href="#cite_note-econ-2011-03-24-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> putting pressure on the Bank of England to raise interest rates despite disappointing projected GDP growth of only 1.6% in 2011.<sup id="cite_ref-econ-2011-03-24_16-1" class="reference"><a href="#cite_note-econ-2011-03-24-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> The September 2011 figure of 5.6%, the highest for 20 years, was described by the <i>Daily Telegraph</i> as "shockingly bad".<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>After a thorough review, in 2012 the National Statistician's Consumer Prices Advisory Committee (CPAC) determined that due to the use of the <a href="/wiki/List_of_price_index_formulas#Carli" title="List of price index formulas">Carli formula</a> in certain subcomponents, the RPI is biased upwards compared to other indices by a "formula effect" of roughly one percentage point. CPAC concluded that "the use of the Carli formula is no longer appropriate" due to the weak axiomatic properties of the Carli method. (The weak property is the fact that after a price bounce and a subsequent full return to original prices, the Carli method shows positive aggregate inflation.).<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>In 2013, following a consultation on options for improving the RPI, the National Statistician concluded that the formula used to produce the RPI does not meet international standards and recommended that a new index known as <a href="/wiki/List_of_price_index_formulas#Jevons" title="List of price index formulas">RPIJ</a> be published.<sup id="cite_ref-National_Statistician_announces_outcome_of_consultation_on_RPI_3-1" class="reference"><a href="#cite_note-National_Statistician_announces_outcome_of_consultation_on_RPI-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Subsequently ONS decided to no longer classify RPI as a "national statistic".<sup id="cite_ref-MoneyMarketing_2-1" class="reference"><a href="#cite_note-MoneyMarketing-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> However, ONS will continue to calculate RPI, among several versions of the inflation index, in order to provide a consistent historic inflation time series. The index factors continue to be used to adjust for inflation in the calculation of chargeable (capital) gains for inclusion in the tax computation for entities subject to corporation tax in the UK. </p><p>In January 2018, <a href="/wiki/Mark_Carney" title="Mark Carney">Mark Carney</a>, Governor of the Bank of England, said that RPI should be abandoned.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p><p>In November 2021, inflation has risen faster than projected to its highest level in nearly a decade, putting pressure on the Bank of England to increase interest rates.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> According to data from the ONS, the annual rate of the CPI increased to 4.2 percent in October, up from 3.1 percent in September. Inflation surpassed the Bank of England's target of 2% and was higher than the 3.9 percent predicted by experts. Higher rates for transportation, restaurants, and hotels mainly contributed to the price increase in October.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Calculation">Calculation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Retail_Price_Index&action=edit&section=2" title="Edit section: Calculation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:UKinflation.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/ab/UKinflation.png/300px-UKinflation.png" decoding="async" width="300" height="244" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/ab/UKinflation.png/450px-UKinflation.png 1.5x, //upload.wikimedia.org/wikipedia/commons/a/ab/UKinflation.png 2x" data-file-width="539" data-file-height="438" /></a><figcaption>3 inflation indexes compared, based on 1988 as 100: Retail Price Index, RPIX and <a href="/wiki/Consumer_Price_Index_(United_Kingdom)" title="Consumer Price Index (United Kingdom)">CPI</a> with the <a href="/wiki/Average_Earnings_Index" class="mw-redirect" title="Average Earnings Index">Average Earnings Index</a> also included</figcaption></figure> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:UKinflation_change.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0f/UKinflation_change.png/300px-UKinflation_change.png" decoding="async" width="300" height="249" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/0/0f/UKinflation_change.png 1.5x" data-file-width="437" data-file-height="363" /></a><figcaption>The annual rate of change of the three indexes shows the volatility of the RPI measure, which is one of its disadvantages</figcaption></figure> <p>The United Kingdom RPI is constructed as follows: </p> <ol><li>A base year or starting point is chosen. This becomes the standard against which price changes are measured.</li> <li>A list of items bought by an average family is drawn up. This is facilitated by the <a href="/wiki/Living_Costs_and_Food_Survey" title="Living Costs and Food Survey">Living Costs and Food Survey</a>.</li> <li>A set of weights are calculated, showing the relative importance of the items in the average family budget – the greater the share of the average household bill, the greater the weight.</li> <li>The price of each item is multiplied by the weight given to the item, so that the contribution of the item's price is in proportion to its importance.</li> <li>The price of each item must be found in both the base year and the year of comparison (or month).</li></ol> <p>This enables the percentage change to be calculated over the desired time period. </p><p>The RPI calculation employs a variation of the Carli method rather than the Jevons method employed in the calculation of RPIJ and CPI.<sup id="cite_ref-Office_for_National_Statistics_22-0" class="reference"><a href="#cite_note-Office_for_National_Statistics-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>The unweighted Carli method overstates inflation rates. However as stated above, the RPI calculation employs weights,<sup id="cite_ref-Office_for_National_Statistics_22-1" class="reference"><a href="#cite_note-Office_for_National_Statistics-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> which remove this overstatement. </p><p>In practice the comparison is made over shorter periods, and the weights are frequently reassessed. Detailed information is published on the Office for National Statistics website. </p><p>The RPI includes an element of housing costs, whereas the following items are not included in the CPI: <a href="/wiki/Council_tax" class="mw-redirect" title="Council tax">Council tax</a>, mortgage interest payments, house depreciation, buildings insurance, ground rent, solar PV feed in tariffs and other house purchase cost such as estate agents' and conveyancing fees. A further index, CPIH, has been published which includes housing costs but CPIH does not meet current international standards.<sup id="cite_ref-Office_for_National_Statistics_22-2" class="reference"><a href="#cite_note-Office_for_National_Statistics-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> The Office for National Statistics states that: </p> <blockquote><p>The Consumer Prices Index including owner occupiers' housing costs (CPIH) is the most comprehensive measure of inflation. It extends the Consumer Prices Index (CPI) to include a measure of the costs associated with owning, maintaining and living in one's own home, known as owner occupiers'.<sup id="cite_ref-ONS2_23-0" class="reference"><a href="#cite_note-ONS2-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>CPI is usually lower, though this is due more to the differences in the calculation formulas for the indices than to the differences in coverage. The UK Government announced in the <a href="/wiki/June_2010_United_Kingdom_budget" title="June 2010 United Kingdom budget">June 2010 budget</a> that CPI would be used in place of RPI for uprating of some benefits with effect from April 2011.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p><p>Regarding state pensions, the UK government confirmed in their autumn statement in 2011 that these would go up by the greater of the CPI, average earnings, or 2.5%. <sup id="cite_ref-hm-treasury.gov.uk_12-1" class="reference"><a href="#cite_note-hm-treasury.gov.uk-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>The variability of the change in RPI, due to fluctuations in mortgage interest rates, is shown in the graph on the right. This was one of the arguments used in favour of changing to RPIX. </p> <div class="mw-heading mw-heading2"><h2 id="Variations">Variations</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Retail_Price_Index&action=edit&section=3" title="Edit section: Variations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Variations on the RPI include the <a href="/wiki/RPIX" title="RPIX">RPIX</a>, which removes the cost of <a href="/wiki/Mortgage_loan" class="mw-redirect" title="Mortgage loan">mortgage</a> interest payments, the RPIY, which excludes indirect taxes (<a href="/wiki/VAT" class="mw-redirect" title="VAT">VAT</a>) and local authority taxes as well as mortgage interest payments, and the RPIJ which uses the Jevons (geometric) rather than the Carli (arithmetic) method of averaging. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Retail_Price_Index&action=edit&section=4" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Consumer_price_index" title="Consumer price index">Consumer price index</a> (general concept)</li> <li><a href="/wiki/Price_index" title="Price index">Price index</a> (more detailed statistical explanation)</li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Retail_Price_Index&action=edit&section=5" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.publicwhip.org.uk/division.php?date=2000-07-18&number=275">"Finance Bill — Rates of duty, etc.: reference to Retail Price Index"</a>. <i>The Public Whip</i>. 18 July 2000. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170821170241/http://www.publicwhip.org.uk/division.php?date=2000-07-18&number=275">Archived</a> from the original on 21 August 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">8 May</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Public+Whip&rft.atitle=Finance+Bill+%E2%80%94+Rates+of+duty%2C+etc.%3A+reference+to+Retail+Price+Index&rft.date=2000-07-18&rft_id=http%3A%2F%2Fwww.publicwhip.org.uk%2Fdivision.php%3Fdate%3D2000-07-18%26number%3D275&rfr_id=info%3Asid%2Fen.wikipedia.org%3ARetail+Price+Index" class="Z3988"></span></span> </li> <li id="cite_note-MoneyMarketing-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-MoneyMarketing_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-MoneyMarketing_2-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.moneymarketing.co.uk/rpi-no-longer-an-official-national-statistic-uksa/1067887.article">RPI no longer an official national statistic – UKSA</a>, John Greenwood, <i>MoneyMarketing</i>, 18 March 2013</span> </li> <li id="cite_note-National_Statistician_announces_outcome_of_consultation_on_RPI-3"><span class="mw-cite-backlink">^ <a href="#cite_ref-National_Statistician_announces_outcome_of_consultation_on_RPI_3-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-National_Statistician_announces_outcome_of_consultation_on_RPI_3-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.ons.gov.uk/ons/rel/mro/news-release/rpirecommendations/rpinewsrelease.html">"National Statistician announces outcome of consultation on RPI"</a>. <i>www.ons.gov.uk</i>. 10 January 2013. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20151227183744/http://www.ons.gov.uk/ons/rel/mro/news-release/rpirecommendations/rpinewsrelease.html">Archived</a> from the original on 27 December 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">8 May</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.ons.gov.uk&rft.atitle=National+Statistician+announces+outcome+of+consultation+on+RPI&rft.date=2013-01-10&rft_id=http%3A%2F%2Fwww.ons.gov.uk%2Fons%2Frel%2Fmro%2Fnews-release%2Frpirecommendations%2Frpinewsrelease.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ARetail+Price+Index" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bbc.co.uk/news/business-45828740">"Pub industry in plea over Budget tax rise"</a>. <i>BBC News</i>. 12 October 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=BBC+News&rft.atitle=Pub+industry+in+plea+over+Budget+tax+rise&rft.date=2018-10-12&rft_id=https%3A%2F%2Fwww.bbc.co.uk%2Fnews%2Fbusiness-45828740&rfr_id=info%3Asid%2Fen.wikipedia.org%3ARetail+Price+Index" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.ons.gov.uk/ons/rel/cpi/consumer-price-indices/history-of-and-differences-between-the-consumer-prices-index-and-retail-prices-index/index.html">"History of and differences between the Consumer Prices Index and Retail Prices Index"</a>. Office for National Statistics. 2011. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150924122038/http://www.ons.gov.uk/ons/rel/cpi/consumer-price-indices/history-of-and-differences-between-the-consumer-prices-index-and-retail-prices-index/index.html">Archived</a> from the original on 24 September 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">16 January</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=History+of+and+differences+between+the+Consumer+Prices+Index+and+Retail+Prices+Index&rft.pub=Office+for+National+Statistics&rft.date=2011&rft_id=http%3A%2F%2Fwww.ons.gov.uk%2Fons%2Frel%2Fcpi%2Fconsumer-price-indices%2Fhistory-of-and-differences-between-the-consumer-prices-index-and-retail-prices-index%2Findex.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ARetail+Price+Index" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.statistics.gov.uk/cci/nugget.asp?ID=19">National Statistics Online</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090303184647/http://www.statistics.gov.uk/CCI/nugget.asp?ID=19">Archived</a> 3 March 2009 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. 2008-10-14. Retrieved 2008-10-22</span> </li> <li id="cite_note-bbc-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-bbc_7-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://news.bbc.co.uk/2/hi/business/7734522.stm">"Consumer inflation falls to 4.5%"</a>. BBC News. 18 November 2008. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20081128205105/http://news.bbc.co.uk/2/hi/business/7734522.stm">Archived</a> from the original on 28 November 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">29 November</span> 2008</span>. <q>The Consumer Prices Index (CPI) measure dropped to 4.5% from 5.2% in September. ... Retail Prices Index (RPI)... fell from 5% to 4.2%</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Consumer+inflation+falls+to+4.5%25&rft.date=2008-11-18&rft_id=http%3A%2F%2Fnews.bbc.co.uk%2F2%2Fhi%2Fbusiness%2F7734522.stm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ARetail+Price+Index" class="Z3988"></span></span> </li> <li id="cite_note-landlords-8"><span class="mw-cite-backlink">^ <a href="#cite_ref-landlords_8-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-landlords_8-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://archive.today/20130420215725/http://www.insidehousing.co.uk/story.aspx?storycode=6505399">Landlords lose rent cuts battle</a>, <i><a href="/wiki/Inside_Housing" title="Inside Housing">Inside Housing</a></i>, 10 July 2009</span> </li> <li id="cite_note-bbc-april2009-9"><span class="mw-cite-backlink">^ <a href="#cite_ref-bbc-april2009_9-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-bbc-april2009_9-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://news.bbc.co.uk/1/hi/business/8009718.stm">Inflation measure turns negative</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090424061059/http://news.bbc.co.uk/1/hi/business/8009718.stm">Archived</a> 24 April 2009 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, BBC News, 21 April 2009</span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.bankofengland.co.uk/archive/Documents/historicpubs/mpcminutes/remitletters/2003/annex031210.pdf">"The new inflation target and the monetary policy framework"</a> <span class="cs1-format">(PDF)</span>. <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>. 10 December 2003. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160308184918/http://www.bankofengland.co.uk/archive/Documents/historicpubs/mpcminutes/remitletters/2003/annex031210.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 8 March 2016<span class="reference-accessdate">. Retrieved <span class="nowrap">8 March</span> 2016</span>. <q>In accordance with the Bank of England Act (1998), the Chancellor has decided to change the inflation target, from today, to the CPI measure of inflation.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+new+inflation+target+and+the+monetary+policy+framework&rft.pub=Bank+of+England&rft.date=2003-12-10&rft_id=http%3A%2F%2Fwww.bankofengland.co.uk%2Farchive%2FDocuments%2Fhistoricpubs%2Fmpcminutes%2Fremitletters%2F2003%2Fannex031210.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ARetail+Price+Index" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEvans2011" class="citation news cs1">Evans, Richard (2 December 2011). <a rel="nofollow" class="external text" href="https://www.telegraph.co.uk/finance/personalfinance/pensions/8930868/Public-pensions-switch-from-RPI-to-CPI-declared-lawful-by-the-High-Court.html">"Public pensions: switch from RPI to CPI declared 'lawful' by the High Court"</a>. <i><a href="/wiki/Daily_Telegraph" class="mw-redirect" title="Daily Telegraph">Daily Telegraph</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160226170901/http://www.telegraph.co.uk/finance/personalfinance/pensions/8930868/Public-pensions-switch-from-RPI-to-CPI-declared-lawful-by-the-High-Court.html">Archived</a> from the original on 26 February 2016<span class="reference-accessdate">. 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Retrieved <span class="nowrap">8 March</span> 2016</span>. <q>The Spending Review and Autumn Statement confirms that the basic State Pension will once again be increased by the triple lock to £119.30 a week from April 2016 and sets the rate of the new single tier pension at £155.65 a week</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Spending+review+and+autumn+statement+2015&rft.pub=HM+Treasury&rft.date=2015-11-25&rft_id=https%3A%2F%2Fwww.gov.uk%2Fgovernment%2Fpublications%2Fspending-review-and-autumn-statement-2015-documents%2Fspending-review-and-autumn-statement-2015&rfr_id=info%3Asid%2Fen.wikipedia.org%3ARetail+Price+Index" class="Z3988"></span></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://news.bbc.co.uk/1/hi/in_pictures/4446012.stm">"Thatcher years in graphics"</a>. <i>BBC News</i>. 18 November 2005. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080120062129/http://news.bbc.co.uk/1/hi/in_pictures/4446012.stm">Archived</a> from the original on 20 January 2008.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=BBC+News&rft.atitle=Thatcher+years+in+graphics&rft.date=2005-11-18&rft_id=http%3A%2F%2Fnews.bbc.co.uk%2F1%2Fhi%2Fin_pictures%2F4446012.stm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ARetail+Price+Index" class="Z3988"></span></span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.timesonline.co.uk/tol/news/politics/article6322818.ece">Threat of deflation as retail price index falls to lowest-ever level</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100601220713/http://www.timesonline.co.uk/tol/news/politics/article6322818.ece">Archived</a> 1 June 2010 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <i>The Times</i>, 20 May 2009</span> </li> <li id="cite_note-econ-2011-03-24-16"><span class="mw-cite-backlink">^ <a href="#cite_ref-econ-2011-03-24_16-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-econ-2011-03-24_16-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://www.economist.com/node/18443342?story_id=18443342&CFID=159949614&CFTOKEN=32873403">"Output, prices and jobs"</a>. <i>The Economist</i>. 24 March 2011. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20111201231905/http://www.economist.com/node/18443342?story_id=18443342&CFID=159949614&CFTOKEN=32873403">Archived</a> from the original on 1 December 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economist&rft.atitle=Output%2C+prices+and+jobs&rft.date=2011-03-24&rft_id=http%3A%2F%2Fwww.economist.com%2Fnode%2F18443342%3Fstory_id%3D18443342%26CFID%3D159949614%26CFTOKEN%3D32873403&rfr_id=info%3Asid%2Fen.wikipedia.org%3ARetail+Price+Index" class="Z3988"></span></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.telegraph.co.uk/comment/telegraph-view/8833963/Inflation-is-disastrous-for-our-economic-future.html">"Inflation is disastrous for our economic future"</a>. <i>Daily Telegraph</i>. 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Retrieved <span class="nowrap">20 October</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Daily+Telegraph&rft.atitle=Inflation+is+disastrous+for+our+economic+future&rft.date=2011-10-18&rft_id=https%3A%2F%2Fwww.telegraph.co.uk%2Fcomment%2Ftelegraph-view%2F8833963%2FInflation-is-disastrous-for-our-economic-future.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ARetail+Price+Index" class="Z3988"></span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNational_Statistician's_Consumer_Prices_Advisory_Committee2012" class="citation web cs1">National Statistician's Consumer Prices Advisory Committee (September 2012). <a rel="nofollow" class="external text" href="http://www.ons.gov.uk/ons/guide-method/development-programmes/other-development-work/consumer-prices-advisory-committee/cpac-papers/cpac-papers---september-2012-meeting.zip">"CPAC(12)24 – The formula effect gap between the Retail Prices Index and the Consumer Prices Index"</a> <span class="cs1-format">(zip)</span>. <a href="/wiki/Office_for_National_Statistics" title="Office for National Statistics">Office for National Statistics</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130202091546/http://ons.gov.uk/ons/guide-method/development-programmes/other-development-work/consumer-prices-advisory-committee/cpac-papers/cpac-papers---september-2012-meeting.zip">Archived</a> from the original on 2 February 2013<span class="reference-accessdate">. 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Retrieved <span class="nowrap">25 October</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=DirectGov&rft.atitle=Budget+June+2010+%E2%80%93+benefits+and+tax+credits&rft.date=2011-05-03&rft_id=http%3A%2F%2Fwww.direct.gov.uk%2Fen%2FNl1%2FNewsroom%2FBudget%2FBudget2010%2FDG_188501&rfr_id=info%3Asid%2Fen.wikipedia.org%3ARetail+Price+Index" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Retail_Price_Index&action=edit&section=6" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://www.ons.gov.uk/ons/guide-method/user-guidance/prices/cpi-and-rpi/consumer-price-indices--a-brief-guide.pdf">Consumer Price Indices: A brief guide</a>, Office for National Statistics, 2013</li> <li><a rel="nofollow" class="external text" href="http://www.ons.gov.uk/ons/taxonomy/index.html?nscl=Retail+Prices+Index">Retail Prices Index</a> topic page at ONS website</li></ul>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Retail_Price_Index&oldid=1156814973">https://en.wikipedia.org/w/index.php?title=Retail_Price_Index&oldid=1156814973</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:Price_indices" title="Category:Price indices">Price indices</a></li><li><a href="/wiki/Category:Economy_of_the_United_Kingdom" title="Category:Economy of the United Kingdom">Economy of the United Kingdom</a></li><li><a href="/wiki/Category:Office_for_National_Statistics" title="Category:Office for National Statistics">Office for National Statistics</a></li><li><a href="/wiki/Category:1947_introductions" title="Category:1947 introductions">1947 introductions</a></li><li><a href="/wiki/Category:Inflation_in_the_United_Kingdom" title="Category:Inflation in the United Kingdom">Inflation in the United Kingdom</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:Webarchive_template_wayback_links" title="Category:Webarchive template wayback links">Webarchive template wayback links</a></li><li><a href="/wiki/Category:Articles_with_short_description" title="Category:Articles with short description">Articles with short description</a></li><li><a href="/wiki/Category:Short_description_matches_Wikidata" title="Category:Short description matches Wikidata">Short description matches Wikidata</a></li><li><a href="/wiki/Category:Use_dmy_dates_from_October_2015" title="Category:Use dmy dates from October 2015">Use dmy dates from October 2015</a></li><li><a href="/wiki/Category:Articles_containing_potentially_dated_statements_from_2016" title="Category:Articles containing potentially dated statements from 2016">Articles containing potentially dated statements from 2016</a></li><li><a href="/wiki/Category:All_articles_containing_potentially_dated_statements" title="Category:All articles containing potentially dated statements">All articles containing potentially dated statements</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 24 May 2023, at 19:26<span class="anonymous-show"> (UTC)</span>.</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. 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