Release date: 20 October View previous versions. Tell us whether you accept cookies We would like to use cookies to collect information about how you use ons. Accept all cookies. Set cookie preferences. Source dataset: Consumer price inflation time series MM23 Notice. Filters Use these filters to interact with the following chart of data. Show data as Chart Table. Frequency Month Quarter Year. Top Technicals. Top Movers. Investment selections.
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Press Releases. Corporate actions. The twelve-month moving average rate for January stood at 1. Chart 1. Overview The Retail Price Index measures monthly price changes in the cost of purchasing a representative basket of consumer goods and services, and is closely linked with the cost-of-living adjustment COLA increases and periodic rent payment adjustments.
Each monthly RPI News Release includes three different measures of inflation: The annual inflation rate measures average price changes between the reference month and the same month of the previous year. Although responsive to recent changes in price levels, this measure can be influenced by one-off effects in either month.
The monthly inflation rate compares price changes between the reference month and the previous month. This measure can be highly influenced by seasonal effects. The month moving average rate overcomes the volatility of the above two rates by comparing the average of the latest 12 indices to the average of the previous 12 indices.
This measure is less sensitive to temporary changes in prices. Thus, this rate is used for the computation of the COLA and adjustments in wages, rents, etc. Price changes and effects on inflation Table 1 shows that the highest annual inflation rates in January were registered in the following main groups: Housing 2. Table 1. Annual inflation rates by main groups: January All Items 1. Costs 0. Table 2. Aggregates Table 3. Around 10, separate price quotations are used each month to compile the Index.
The U. British employers also use it as a starting point in wage negotiation. However, since , it has no longer been used to set the inflation target for the Bank of England's Monetary Policy Committee, and since April , it has no longer been used as the basis for the indexation of the pensions of former public sector employees.
Since , the U. In , following a consultation on possibilities for improving the RPI, the U. The index factors continue to be used to adjust for inflation in capital gains for inclusion in the tax computation for entities, subject to corporation tax in the U. In Jan. Like the better-known CPI, the RPI tracks changes in the cost of a fixed basket of goods over time, and it is produced by combining about , price quotes for around representative items.
The difference of 0. Secondly, the two indicators measure price change for different target populations. Finally, the two measures use different formulas, leading to a difference known as the "formula effect. Fixed Income Essentials. Your Privacy Rights.
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